Edinburgh property: Britain’s 10 most expensive cities to buy a first home named – where Edinburgh ranks

New research from Rightmove looked at the average asking price and typical monthly mortgage payment in more than 50 cities across Britain

New analysis suggests Aberdeen is the least expensive city in Britain to get on the property ladder – but it’s a different story entirely for those looking to buy their first home in Edinburgh.

Rightmove found that the average asking price for a first-time buyer-type property with two bedrooms or fewer in Aberdeen is £102,601.

Assuming a 20% deposit, a typical first-time buyer in Aberdeen could pay around £406 per month in mortgage costs, Rightmove calculated.

The research looked at more than 50 cities across Britain. It made certain assumptions about mortgage costs, including that first-time buyers in Scotland and Wales had a 20% deposit and were taking out a five-year fixed-rate mortgage at average rates.

It also assumed that first-time buyers in England had a slightly higher deposit, at 25%, reflecting industry averages for deposit sizes, and were taking out a five-year mortgage.

Rightmove’s property expert Tim Bannister said: “These latest figures highlight why so many people remain determined to get onto the ladder, as the soaring costs of renting has meant buying has remained attractive even with higher mortgage rates.

“Longer mortgage terms are becoming more common as a way to improve overall affordability and reduce monthly payments, though first-time buyers should be aware of what they are paying in interest compared with their actual mortgage.”

Take a look through our photo gallery to see the 10 most expensive cities to get on the property ladder, according to Rightmove, with the average asking price and the typical monthly mortgage payment, assuming a 35-year mortgage term.

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