Why Wales is the hardest place to get on the property ladder ...Middle East

The Skipton Group, a building society, found that six out of the 10 least affordable areas of Britain were in Wales.

Across Great Britain, only 11.5 per cent of potential first-time buyers could afford an average deposit based on their current financial situation.

Close behind were Pembrokeshire (2.9 per cent), Cardiff (3 per cent) and Vale of Glamorgan (3.1 per cent), with Wales accounting for the five least affordable areas.

How are these areas the least affordable?

It found that nearly 40 per cent of potential first-time buyers spend over45 per cent of their income on essential housing costs.

In Ceredigion – which tops the list – the average house price was £236,000, higher than the Wales average, despite the region having the seventh lowest median income in Britain, according to the report.

The average first-time buyer house price is just below £890,000 in Westminster – over three-and-a-half times above the national average – but the local authority area has the sixth highest median income of potential first-time buyers.

Least affordable areas for first-time buyers

Ceredigion – 2.7 per cent Powys – 2.7 per cent Pembrokeshire – 2.9 per cent Cardiff – 3 per cent Vale of Glamorgan – 3.1 per cent City of London – 3.2 per cent Monmouthshire – 3.3 per cent South Holland – 3.8 per cent Westminster – 3.9 per cent Blaby – 4 per cent

Stuart Haire, the building society’s chief executive, said people “might expect London and the south-east to dominate the least affordable areas for first-time buyers, so it’s shocking to see Wales feature so heavily”.

Where is most affordable for a first-time buyer to live?

Nine of the ten most affordable area for first-time buyers were in Scotland.

Manchester City was the only local authority area outside of Scotland that made the top ten, which was due to its “more favourable price-income dynamics”.

A spokesperson for the Welsh Government said: “In December, we launched the extension of our Help to Buy Wales scheme which has helped more than 14,500 people who could not afford to buy a home.

“Our Self Build Wales scheme also creates opportunities for people to build homes through loan funding for land and development costs.”

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