A survey commissioned by the Online Mortgage Advisor found that the cost of living was the main reason cited by respondents for buying their first home outside of the capital.
As a result of the survey of 2,000 young Londoners, Online Mortgage Advisor has created a tool called ‘Is the Grass Greener?’, which compares every single UK city, as well as London boroughs, to help first-time buyers discover where they can get the most for their money.
“The stats from this survey evidence the sentiment that we’ve recognised in our own customers over the past couple of years,” said David Bird, director at Online Mortgage Advisor.
“The number of first-time buyers coming to us with enquiries about mortgages on properties outside the capital is on the rise, and we expect to see this continue as more and more people consider themselves to be priced out of London.”
‘Is the Grass Greener?’ has analysed both government data and national statistics on a number of factors, including house price, crime rate, school standards and shopping prices.
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First-time-buyers will be able to see that Liverpool beats Wandsworth on stats including house price, average first-time-buyer price and cost of living.
Mark Homer, co-founder of property education company Progressive Property, said that many younger Londoners wanted to live outside the capital as house prices had become more detached from incomes, making deposits for a mortgage unaffordable.
“This – coupled with the fact that many areas around London are still playing catch up with property prices, which have not risen as much since the credit crunch in areas around London as they have within – [is] making these areas more affordable.
“Train services are also becoming quicker with the East Coast main line, Crossrail and HS2 reducing journey times to the city, making commuting a viable option even from locations which were previously discounted as commuter locations.
“As the population of London grows, this trend is likely to continue, meaning areas surrounding London are likely to experience higher than average house price growth."
Use the full app here: Is the Grass Greener?