Kilmarnock named cheapest area for a first home
Average first-time buyer monthly mortgage payment still £350 more than five years ago, as Kilmarnock named cheapest area for a first home
- The latest data from Rightmove’s weekly mortgage tracker shows that the average first-time buyer mortgage payment is still £350 more each month, or 59% higher, than five years ago despite market improvements
- A typical first-time buyer is currently paying a mortgage of £940 per month, compared with £590 per month five years ago, however, payments are still £155 lower than the peak in July 2023
- Average wage growth has outpaced first-time buyer price rises, increasing borrowing power, however affordability remains very stretched:
- Average earnings have risen by 30% in the last five years, versus 17% for first-time buyer prices
- In London, the average first home is 6.8 times the national average annual wage of two people, compared with 1.8 times for a property in the North East
- The research highlights challenges for single first-time buyers, with more than half of regions out of reach for someone on their own with an average wage, even with a 10% deposit
- As some movers look to cheaper areas as affordability remains stretched, Kilmarnock is currently the lowest-priced area for first-time buyers, with the price tag of a typical first home under £100,000
New analysis from the UK’s largest property website Rightmove, reveals that a typical monthly mortgage payment on a first-time buyer property is £350 more than five years ago.
The average monthly mortgage payment on a typical first-time buyer property, a two-bedroom or fewer home, is now £940 compared to £590 in 2020, despite improvements in the mortgage market from last year. However, the average payment is still £155 lower than the peak in 2023.
The analysis assumes a first-time buyer has been able to raise a 20% deposit and has opted to spread the cost of the mortgage over 30 years.
Average wage growth has outpaced the rise in average asking price for a typical first-time buyer property. Average earnings have grown by 30% in the last five years, versus a 17% increase in the price of a typical first-time buyer home.
This has slightly increased the borrowing power of first-time buyers, which is typically an average of 4.5 times a single or joint income from a mortgage lender.
However, affordability remains very stretched, which is why Rightmove has welcomed proposals from the mortgage regulator that they are considering responsible ways to enable first-time buyers to borrow more.
In London, an average first-time buyer type property is 6.8 times the national average wage of two people, now priced at £500,066.
This compares with the North East, where a typical first home is 1.8 times an average joint income at £132,854.
The analysis also highlights the particular challenge for any first-time buyers trying to purchase a home on their own.
In more than half of regions, a first-time buyer on a typical salary would not be able to afford a typical first home on their own, if they were only able to borrow 4.5 times their salary, even if they’d saved up a 10% deposit.
| Region | Average asking price | Loan-to-Income multiple (single income) | Loan-to-Income multiple (joint income) | Loan-to-Income multiple (single income, minus a 10% deposit) | Loan-to-Income multiple (joint income, minus a 10% deposit) |
| London | £500,066 | 13.5 | 6.8 | 12.2 | 6.1 |
| South East | £292,414 | 7.9 | 4.0 | 7.1 | 3.6 |
| East of England | £272,035 | 7.4 | 3.7 | 6.6 | 3.3 |
| South West | £249,379 | 6.8 | 3.4 | 6.1 | 3.0 |
| West Midlands | £193,816 | 5.2 | 2.6 | 4.7 | 2.4 |
| East Midlands | £193,115 | 5.2 | 2.6 | 4.7 | 2.4 |
| Wales | £180,452 | 4.9 | 2.4 | 4.4 | 2.2 |
| North West | £175,557 | 4.8 | 2.4 | 4.3 | 2.1 |
| Yorkshire and The Humber | £174,303 | 4.7 | 2.4 | 4.2 | 2.1 |
| Scotland | £140,783 | 3.8 | 1.9 | 3.4 | 1.7 |
| North East | £132,854 | 3.6 | 1.8 | 3.2 | 1.6 |
*Even with a 10% deposit, the average price of a typical first-time buyer home in the East Midlands and above, is more than 4.5 x the national average income, which is typically what someone is able to borrow from a lender
For those who may be considering lower-priced areas that they can move to, Kilmarnock has been named the cheapest area for a first-time buyer to get onto the property ladder.
The average asking price for a typical first-time buyer home in Kilmarnock, Ayrshire is £84,325. Greenock in Inverclyde is second on the list at £88,862, and Grimsby in Lincolnshire is third at £93,427.
Rightmove’s mortgage expert Matt Smith says: “Higher mortgage rates mean home-movers need to consider how much they can afford to pay each month on a monthly mortgage, even if they can meet the asking price of a home. Another measure of affordability which is restricting some first-time buyers from getting onto the ladder is how much they can borrow. It’s encouraging to see that the regulator is considering how they may be able to enable first-time buyers to borrow more in a responsible way, as we think this will help to unlock more opportunity, particularly for those with smaller deposits.”
Cheapest locations for first-time buyers
| Ranking | Area | Average asking price for a first-time buyer home | Average asking price increase year-on-year |
| 1 | Kilmarnock, Ayrshire | £84,325 | -1.0% |
| 2 | Greenock, Inverclyde | £88,862 | +0.7% |
| 3 | Grimsby, Lincolnshire | £93,427 | -1.2% |
| 4 | Blackpool, Lancashire | £93,711 | 0.0% |
| 5 | Middlesbrough, North Yorkshire | £95,473 | +0.8% |
| 6 | Hartlepool | £99,525 | +10.7% |
| 7 | Paisley, Renfrewshire | £99,570 | +2.3% |
| 8 | East Kilbride, Glasgow | £100,814 | +4.1% |
| 9 | Ayr, Ayrshire | £101,391 | +1.0% |
| 10 | Burnley, Lancashire | £102,848 | +6.2% |
You May Also Enjoy
Why 2026 is the Best Year to Invest in Dominican Republic Land
Property expert on how to bag the BEST mortgage deal in today’s market
Halloween Named the UK’s Most Popular Moving Day of 2025
Industry Response to Halifax House Price Index
Halifax House Price Index December 2025
