Ten cheapest locations in Britain for first-time buyers - where £150K will get you on the ladder

It is tough to get on the property ladder in Britain for less than £150,000. But that is possible in East Ayrshire, Scotland, which has been crowned the most affordable location in Britain for first-time buyers, according to Lloyds.

Across East Ayrshire, the average cost of a home for first-time buyers is £147,353 - £142,647 less than the average cost of home, at £290,000, in England across all buyer categories, according to official figures published in April.

Properties aimed at first-time buyers in East Ayrshire are also nearly £40,000 cheaper than elsewhere in Scotland, recent Office for National Statistics figures show.

A key town in East Ayrshire is Kilmarnock, historically famous for its shoe industry.

East Ayrshire is also home to many castles, historic houses and estates, including Dumfries House and Dean Castle Country Park.

'Homes range from characterful older properties to regeneration developments and family friendly neighbourhoods', Lloyds said.

Excluding auction options, online property portals currently show houses with at least two bedrooms available in East Ayrshire for around £50,000.

The top 10 list of the most affordable areas for first-time buyers in Britain is dominated by Scotland and the north of England.

Inverclyde in Scotland is the second cheapest option for first-time buyers in Britain, according to Lloyds' analysis.

In Inverclyde, the findings suggest, the average cost of a home for first-time buyers is £149,929.

Blackpool, in the north west of England, is the third most affordable area for first-time buyers, with average prices for this category of buyer coming in at £150,780.

Kingston upon Hull is the fourth most affordable location for first-time buyers, with average prices breaching the £150,000 mark at £151,171.

Na h-Eileanan Siar in Scotland, Hyndburn in the north west of England, Clackmannanshire in Scotland, Merthyr Tydfil in Wales, South Tyneside in the north east of England and West Dunbartonshire in Scotland also made it to the top 10 list of the most affordable locations for first-time buyers.

In all these locations, first-time buyers typically paid less than £160,000 for a property.

The most affordable location for first-time buyers in Wales is Merthyr Tydfil, with homes there costing an average of £156,498.

In Northern Ireland the most affordable option for first-time buyers is Mid and East Antrim, where a first home typically costs around £175,308.

'A coastal and largely rural district spanning Ballymena, Carrickfergus and Larne, it reflects a mix of industrial, agricultural and maritime heritage', Lloyds said.

In England, the most affordable local area is Blackpool, where people buying their first home pay £150,780 on average.

Blackpool is known for its promenade, beaches and attractions including the Tower and famous illuminations.

Amanda Bryden, head of mortgages at Lloyds, said: 'Our research shows there are still genuine pockets of value for first‑time buyers, particularly for those with an open‑mind who are willing to be flexible on location and property type.

'With ongoing cost of living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious.

'But there are opportunities out there, and for many buyers, that flexibility can make a real difference.'

Lloyds recently launched a new £5,000 deposit mortgage on homes up to £300,000.

This may be helpful for some buyers, but in other cases it can be best to try and put down a larger deposit if you can.

Mary-Lou Press, president of NAEA Propertymark, said: 'Buyers must also consider mortgage repayments, energy efficiency, local employment opportunities, commuting costs and the long-term sustainability of homeownership.

'Low-deposit mortgage products may help unlock access for some households, but it remains vital that buyers fully understand the financial commitment involved and seek professional advice before proceeding.'

According to Lloyds' analysis, while the average age to get in the property ladder is 32 across Britain, some are managing to buy a home at an earlier age.

In Ribble Valley, in the north west of England, the average age to get on the property ladder is 27, paying roughly £219,980 for a home.

In South Staffordshire, West Midlands, the average age of a first-time buyer is 27.8, with homes for this category of buyer coming in at £259,678.

Pendle, Rutland, Cannock Chase, north Norfolk, Staffordshire Moorlands, Chorley, mid Suffolk and Westmoreland and Furness also made it to the list of the top 10 locations for the youngest average age of a first-time buyer.

Mortgage rates have shot up again due to inflation triggered by the conflict with Iran reversing hopes that the Bank of England would cut rates. This means those remortgaging or buying a home face higher costs.

That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord.

This is Money's partner L&C can help you with its fee-free mortgage service.

> Compare mortgage rates

> Find the right mortgage for you

To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C.

This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.

You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes.

If you’re ready to find your next mortgage, why not use This is Money and L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.

> Find your best mortgage deal with This is Money and L&C

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.