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November 10th

Top 5 Places to Live in Liverpool for First-Time Buyers

According to a Liverpool Mortgage Broker...

Lockdown the sequel is in full swing and we're quite happy for this unprecedented sci-fi thriller to not make it to trilogy status. In fact, we'd have been quite happy with a one-hit-wonder. Lockdown had us thinking of expanding our content and instead of helping with mortgage advice, we're channelling our inner Kirsty and Phil for some scouse house hunting. 

You see, as specialist first-time buyer mortgage brokers in Liverpool, we get to know all the places that our clients are choosing to set up home and there are definitely some areas that lead the way when it comes down to being perfect spots for those just starting out on the property ladder in Liverpool. Even though it certainly doesn't feel like it for the never-ending-deposit-savers, Liverpool is one of the most affordable cities in the UK for housing where the average house price to earnings ratio stands at 5.4, compare this to Oxford where it's 12.6!

1. Anfield

We're going to try and get through this without saying the 'F' word. Anfield is located in the north of the city and has plenty of affordable houses, with the average property price standing at £68,503, a massive £163,352 under the national average. Many of Anfield's properties are terrace houses but with a huge regeneration scheme underway, new-builds are popping up around the area. With a direct and stress-free route into the city centre, it makes it a great place for commuters. It also has a huge football ground, there we said it! 

Can I Afford a House in Anfield? 

You'd be looking at an average total household income of £15,222 per year to be able to afford a home here and need a minimum deposit of around £9,590. 

Want to know how we're working this out? On average Lenders are willing to lend borrowers 4.5 x their annual income and now you're looking at needing at least a 15% deposit for a home. 

 2. Wavertree 

Located in South Liverpool, Wavertree offers first-time buyers the chance to own an affordable home with great commuter routes to the city centre and within close proximity to some of the city's most beautiful green spaces. Home to Smithdown Road, such a popular haunt for students that any simply don't want to leave once they've graduated; we don't blame them, with loads of independent bars and restaurants, a great social life awaits just steps from their door. 

Can I Afford a House in Wavertree?

The average house price here is £164,574, meaning you're looking for a minimum deposit amount of £24,686 and an average household income of £36,572 per year to be eligible to afford a home in Wavertree. 

3. Norris Green

Norris Green has many beautiful new-build homes in the area that are popular with first-time buyers from singletons, couples and young families. With Croxteth Country Park within walking distance, it's a great place to spend time outdoors with the family offering 500 acres to explore including a walled garden, home farm and riding center. Although it's a little further out than some areas, it's super close to the direct routes into Liverpool city centre including West Derby Road and East Lancashire Road.   

Can I Afford a House in Norris Green?

£111,555 is the average house price in the area so first-time buyers would be needing to rack up at least £16,733 in deposit savings. For affordability, Lenders would be looking at a minimum annual wage of £24,790 for one household. 

4. Liverpool City Centre

Rather unsurprisingly, many of our clients opt for city living in one of Liverpool's many city centre gems from the hugely Instagram-able Georgian Quarter to the Business Quarter, there is so much choice for the budding homeowner. The average price of properties in Liverpool city centre is £151,444 which is a relatively affordable price tag considering Liverpool is one of the biggest cities in the country bringing in a massive £32 billion to the national economy but we're not complaining! With the city centre being so compact, you can ditch the car and put the money towards your monthly repayments. 

Can I Afford a House in Liverpool City Centre?

You are going to need a minimum of around £22,716 for the deposit if the property is costing £151,444. As far as affordability goes, your household would need around £33,654 in annual income to afford a property like this. 

5. Bootle

Similarly to Anfield, Bootle benefits from a straight and easy route into the city centre. Stress-free cruising along the dock road here we come! Located just a bit further north than Anfield, Bootle enjoys a great location between the city and the beach! Crosby Beach is just up the road and boasts some great bars, restaurants and independent shops. With many colleges here, there is great commuter options for those without a car. 

Can I Afford a House in Bootle?

Up in Bootle, you can find a house here for around £99,292 and in order to get this, you'd need a minimum deposit of around £14,893 and your household to be earning an average annual wage of £22,064.


All figures are from Zoopla House Prices and are correct at the time of publishing 10/11/2020.

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