A new study has revealed that Wales is the most challenging part of Great Britain for first-time buyers looking to purchase a home. The report, conducted by Skipton Group building society, identified six out of the 10 least affordable areas in Britain to be located within Wales. This index takes into account various factors such as local house prices and the average income of potential first-time buyers.
Among the areas highlighted in the report as the least affordable for first-time buyers in Wales were Ceredigion and Powys. In Ceredigion, the average house price stands at £236,000, which is higher than the Wales average. However, the median income in the county ranks as the seventh lowest in Great Britain, making it difficult for less than 3% of potential first-time buyers in the area to afford to purchase a home.
Owen Shiers, a 40-year-old freelance musician residing in a social housing co-operative near Eglwys-fach, Ceredigion, expressed his frustration at the lack of affordability in the region. Despite renting a home and being responsible for its management, Shiers highlighted the economic disparity in Ceredigion and the challenges faced by individuals like himself in owning a property in the area.
Tania Dutnell, an estate agent in Ceredigion, emphasized the limited options available for first-time buyers in the county due to the high prices of properties, particularly the absence of smaller and more affordable homes. Dutnell pointed out that rising interest rates have further exacerbated the situation, making it challenging for individuals to save up for a deposit without relying on support from family or enduring costly rental accommodations
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