Home moving comparison website reallymoving has launched an interactive map that shows would-be home buyers the locations with the greatest choice of properties within their budget.
The map can be searched by budget and number of bedrooms to identify the locations where properties are likely to be most affordable. Searches can then be concentrated within areas budgets will go further, or users can hone in on smaller areas of affordability in areas with higher prices.
The colour-coded heat map highlights in green the areas where 90% or more of properties are within budget, orange where between 10-30% of properties are affordable, and red where fewer than 10% of the homes are within the limit.
reallymoving CEO Rob Houghton commented:
“If first time buyers focus only on average house prices, the dream of owning a home may seem impossible – but those numbers don’t tell the full story. Rather than relying on general statistics, buyers can now get a clear, localised view of where they stand the best chance of finding a home they can afford.
“Even within a 30-minute commute of London, there are locations such as Purfleet, Gravesend, Watford and parts of Croydon where first time buyers with an average London budget of £400,000 can access a large proportion of the market.
“While high house prices are a challenge, affordability is key and with interest rates steadily coming down we are seeing lenders become increasingly competitive in terms of Loan to Values and rates, so there’s every reason to be hopeful. I would urge First Time Buyers to focus their search on the areas with good transport links which offer them a really wide choice of properties, rather than assuming a purchase is unachievable.”
See the interactive map at www.reallymoving.com/property-market-insights/home-affordability-map
