East Ayrshire named UK’s most affordable location for first-time buyers

East Ayrshire is the most affordable location in Scotland and the UK for first-time buyers, according to research from the Bank of Scotland.

With an average first-time buyer price of £147,353, East Ayrshire was ahead of Inverclyde at £149,929 and Na h-Eileanan Siar at £155,300 for Scottish council areas.

Across the UK, East Ayrshire was also ahead of Blackpool at £150,780 and Kingston upon Hull at £151,171.

The bank examined the average price paid by people buying their first home.

Meanwhile, the average age of a first-time buyer was determined to be 31, though this falls to 28 in some areas.

East Ayrshire has a number of former mining towns and rural villages.

The bank published its study as it launches applications for a new £5,000 deposit mortgage, which is available on homes up to £300,000.

The lending product is aimed at first-time buyers who may struggle to raise funds without help from family.

Isla Benzie, head of mortgages at Bank of Scotland, said: “Affordability remains a big challenge for many first-time buyers, so being flexible on location can make a real difference in finding a home that fits both lifestyle and budget.

“Scotland continues to offer some of the best value in the UK, with a wide range of property types and price points across its towns, cities and coastal areas.

“For aspiring homeowners, saving for a deposit is often the biggest hurdle.

“The new £5,000 deposit mortgage is one practical way we’re helping more people take that first step and move towards a more secure future.

“If you’re thinking about buying, speaking to a mortgage expert early can be invaluable. They can help you understand what’s affordable and guide you through the support that’s available.”