COLCHESTER is the second most affordable location for first time buyers within an hour's commute of London, it has been revealed.

Freed from the constraints of the London, first time buyers with a £25k deposit and £40k salary could afford to buy 29.5 per cent of properties in Colchester, according to new research from the homebuyer’s comparison site Reallymoving.

What is the average cost of Colchester homes for first time buyers?

First time buyers in Colchester spent an average of £232,000 on their property in March - £13,000 more than a year ago, and £39,000 more than in March 2016.

While the volume of first time buyers in the market has increased across the country, London’s first time buyer share has fallen from a peak of 20.6 per cent in February 2020 to 16.8 percent.

Reallymoving’s data shows how the rise in businesses shifting permanently to more remote working patterns has significantly increased the options available to new homebuyers in the south of England.

What is the most popular location for buyers within an hour of London?

Of the 15 most popular first time buyer locations within an hour’s train ride from London, Swindon is the most affordable followed by Colchester and Luton.

Gazette:

Rob Houghton, founder and CEO of reallymoving, said: “With more London employers every day announcing they will be implementing flexible working permanently in some capacity, first time buyers are seeing greater options opening up to them in terms of where they can live.

“No longer tied to living in the capital or crippled by daily commuting costs, first time buyers might be surprised to find that they can access a sizeable proportion of the market in several popular locations within an hour of the capital – and are more likely to be able to afford a garden and larger living space.

“Anyone taking out a large mortgage should consider the risks carefully, but for many young professionals with good prospects – and with lender affordability checks being applied diligently – larger loans make sense and are particularly helpful to those buying 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 greater choice of location will make a big difference to those trying to get on the housing ladder.”