Mansfield named top spot in East Midlands for first time buyers
Mansfield has been named the best location in the East Midlands for first time buyers, according to new research from reallymoving.com
As affordability constraints force first time buyers to rethink where they can afford to live, reallymoving’s interactive Home Affordability Map reveals the towns emerging as the UK’s most accessible housing market entry points.
The analysis found that in the Mansfield NG20 postcode – covering Shirebrook, Warsop and Langwith – 78 per cent of two-bedroom properties are affordable for the average East Midlands first time buyer, based on an average regional budget of £168,000.
This makes it the most accessible location, followed by Nottingham NG6, where 63 per cent of two-bedroom homes are within budget, and Leicester LE1 (62 per cent).
Mansfield’s combination of affordability and transport links makes it particularly attractive for first time buyers looking to get on the property ladder within 60 minutes of Nottingham.
Homebuyers can visit the map at reallymoving.com/property-market-insights-trends/home-affordability-map and search by budget and number of bedrooms to pinpoint the locations where they can access the greatest choice of properties, enabling buyers to home in on pockets of affordability within their search area – or pinpoint new locations they may previously have overlooked.
Rob Houghton, reallymoving founder and chief executive, said: “With affordability stretched and mortgage rates still high, first time buyers are under a great deal of pressure and many will assume they’ve been priced out of the market altogether.
"But affordability is much more localised than most people realise.
"In Mansfield, almost eight-in-10 two-bed homes are within reach of the average local first time buyer.
“By expanding their search area by just a few miles and prioritising locations where they can access a wider pool of homes, buyers may be surprised at how much of the market they can access.
“It’s very much a buyers’ market at the moment and there are deals to be had at every price point – particularly with more landlords selling up as a consequence of the Renters’ Rights Act.
By ensuring they’re searching in locations where they have plenty of choice, first time buyers have a much better chance of finding a suitable property and negotiating a good deal.”