Edinburgh was named on the other end of the spectrum as the most expensive place to rent and be a first time buyer.
The cheapest city to rent and be a first time buyer has been identified as Aberdeen , according to a report by Rightmove.
With a 20 percent deposit in Aberdeen, Rightmove calculated that the typical first-time buyer could pay about £406 monthly in mortgage costs. This compares to the typical asking price of £501,934 and monthly mortgage of £1,862 of London - the most expensive city to be a first time buyer. 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.
The cost of renting a two-bedroom or smaller home has increased by 39% in the last five years, compared with a 19% jump in the cost of buying a two-bedroom or smaller home, Rightmove said. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today.No one will be able to see who is signed up and no one can send messages except the Daily Record team.If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'.
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