Great Yarmouth named most affordable in East England for first-time buyers
- Credit: Liz Coates
Great Yarmouth is the most affordable place for first-time buyers to find a home in the East of England, according to new analysis.
Nationwide compared house price data to earnings data from 2021 to determine where buyers can get the most for their money.
In Great Yarmouth, the building society found that the average house price-to-earnings ratio was 5.0.
This means house prices in the area are just five times that of the average earnings of a first-time buyer, making it the most affordable in the East of England.
Comparatively, the least affordable area in the East of England was Hertsmere in Hertfordshire, where house prices were 10 times that of the average earnings.
Jamie Minors, managing director at estate agents Minors and Brady, said: "The budget of a first-time buyer does depend where you are, but many first-time buyers are spending around £200,000 to £220,000.
"But in Great Yarmouth, a lot of good houses are going for around £150,000.
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"You can find a 3-bedroom, bay-windowed terrace house with on-road parking around that price but the same house in Norwich's Golden Triangle would be between £100,000 to £120,000 more.
"But because there is a good supply of terrace houses in Great Yarmouth, compared to places like Norwich, the prices have not jumped as much."
Is there a clear difference on the market?
The difference in prices between terrace houses in different areas can be seen on the market today.
A three-bedroom terrace house in Churchill Road, Great Yarmouth is currently for sale for £170,000.
The house is a short walk to the beach, with a courtyard style garden and on-road parking.
First-time buyers can even get two extra bedrooms for just a few thousand pounds more.
A five-bed room end terrace house on Nelson Road North in the seaside town is currently available for offers in the region of £175,000.
Comparatively, a three-bedroom terrace house in Victoria Street, Norwich is on the market for £475,000.
Located in the centre of Norwich, the Grade II listed property has off road parking, but many of the same features as the Great Yarmouth home.