Vale of Glamorgan ranks among the least affordable UK locations for first-time buyers, with only 3% able to purchase.
The Vale is super expensive for first-time buyers. Skipton Group says it’s among the priciest in the UK. Only about 3% there can afford a starter home.
Low incomes cause the issue, the report says. Welsh house prices are lower than average, but Ceredigion and Powys are also unaffordable in Wales. Pembrokeshire, Cardiff, and Monmouthshire join that list too.
Stuart Haire is the Skipton Group CEO. He finds Wales’ high ranking surprising. London and the Southeast usually top affordability lists.
He thinks it must feel impossible for Welsh buyers. Haire notes Wales lacks tax relief for new buyers. About 90% of UK first-timers need financial help.
Buying a place is still hard elsewhere, though. Scotland and England aren’t much easier. Haire sees buyers working hard to save money and using government programs.
Big barriers still block their path, he believes. These obstacles need to come down.
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