To say that it’s hard to get on the property ladder is an understatement. Unless you have financial help or the ability to live rent-free while you save for a deposit, it seems almost impossible amid skyrocketing average asking prices and the job insecurity brought on by the pandemic.

So if you’re not in a position to start thinking about buying your own place, there’s absolutely no shame in that. However, there may be some positive news for first-time buyers.

A new survey conducted by Rightmove looked at city centres across the country where asking prices have dropped the most – or have remained at a standstill – since January this year. 

Since the pandemic, asking prices in countryside and coastal areas have kept rising as buyers seek a quieter life with more space.

However, Rightmove is reporting that demand from buyers in city centres is increasing again, and suggests this  could be a good chance to buy a place while prices are cheaper than normal and mortgage lenders are offering competitive low-deposit loans.

According to Rightmove’s research, one in five first-time buyers has said they are either planning to use, or are already using the government’s 95% mortgage guarantee scheme, which was introduced in April.

With this scheme, instead of having to save for a 15% or 20% deposit, you can buy a home worth up to £600,000 with a deposit of just 5%.

But they don’t come without risk. Sarah Neate, editor in chief of Ocean Finance, told Stylist: “It’s worth noting that 95% LTV (loan-to-value) mortgages tend to have interest rates that are around 0.7-1% higher than 90% LTV mortgages. This means you’ll be paying more each month than if you had a 10% deposit.”

Here are Rightmove’s best cities in the UK for first-time buyers. 

Images: Getty