A city just 60 minutes from London is officially the second most affordable place to buy your first home outside of the capital.
The moving website, Reallymoving, collected data and looked at the affordability of different places for first-time home buyers across the East, South East and West as an alternative to London.
Data has shown Colchester in Essex has around 29.5% of its properties rated ‘affordable’ to first-time buyers.
Anyone looking to buy property in the city is usually required to have a deposit of £ 25,000 and income of £ 40,000.
Swindon came in first with 36.5%, while Luton came in third with 19% affordable properties with the same deposit and the same income of £ 25,000.
Using their data, Reallymoving said first-time buyers enjoy more freedom with location and properties they can afford to buy largely due to changing trends in post work. the pandemic.
With many companies shifting to more remote working models, many young adults or first time buyers now have more freedom to buy in the south of England.
The data also showed that while the number of first-time buyers has increased, the share of first-time buyers in London has fallen from a peak of 20.6% in February 2020 to 16.8%, a decrease of almost a fifth.
Estimated percentage of affordable properties with a deposit of £ 25,000 and income of £ 40,000:
Swindon – 36.5%
Colchester – 29.5%
Luton – 19 percent
Crawley – 15.5 percent
Milton Keynes – 14 percent
Guildford – 12.5 percent
Basildon – 12 percent
Dartford – 12 percent
Brighton and Hove – 11 percent
Reading – 8 percent
Part of Colchester – where TV presenter Dermot O’Leary grew up – was brought to the ground following an earthquake in 1884, which measured 4.7 on the Richter scale, but 130 years older late, she earns the reputation of being a hotspot
And about 2,000 years ago, it became the first capital of Roman Britain, after Emperor Claudius who gave the city – then called Camulodunum – city status by making it a colony. Roman.
It still has some of the infrastructure from when it was a Norman town in the 11th century – and it is the largest example of its type in Europe, as it was built on the foundations of the Roman Temple of. .. you guessed it, Claude.
But despite its rich history, Colchester is also known for its zoo, which is known for such characters as baby Lottie the rhino and his mother Emily. It is also home to the Zalika hippo and lemurs like Andro and Madison.
Rob Houghton, Founder and CEO of Reallymoving, said: “With more London employers announcing every day that they will be implementing flexible working on a permanent basis to some extent, early buyers are seeing greater options open to them in terms of where they can live.
“No longer tied to life in the capital or crippled by daily travel costs, first-time homebuyers might be surprised to find that they can access a significant proportion of the market in several popular locations for less than an hour from the capital – and are more likely to be able to afford a garden and a larger living space. “
He added: “Anyone taking a large mortgage should carefully consider the risks, but for many young professionals with good prospects – and with diligently applied lender affordability checks – larger loans make sense and are needed. especially useful for those who shop on their own.
“The bright lights of London will always be a draw, but with house prices so high and continuing to rise, and with saving for a deposit a huge challenge, having the freedom to access a wider choice of options. The location will make a big difference to those trying to climb the housing ladder.