The town was named seventh in a list compiled by property website Rightmove where people looking to get their first home would find the most affordable locations.
Paisley has been named among the cheapest places in the UK to buy a first-time home.
The town was named seventh in a list compiled by property website Rightmove where people looking to get their first home would find the most affordable locations. The website put the average cost of a first-time property, with two bedrooms or less, at £99,570.
Kilmarnock in East Ayrshire topped the list with an average price for a similar property at £84,325 while Greenock, Inverclyde, was second in the poll – with the cost set at £88,862.
Despite the affordable homes on offer, Rightmove revealed that a typical monthly mortgage payment on a first-time buyer property is £350 more than five years ago.
Soaring interest rates now mean a typical first-time buyer is currently paying a mortgage of £940 per month compared with £590 per month in 2020. The average five-year mortgage rate is now 4.69 per cent compared to 2.22 per cent in March 2020 and 6.11 per cent in July 2023.
Rightmove suggests wage growth means these rates remain affordable for some first-time buyers. However, Matt Smith from the website said the ability to purchase a first-time home on a single income remains difficult – especially in specific parts of the country.
He welcomed possible changes in financial rules which would allow a first-time buyer to borrow more and stated: “Higher mortgage rates mean home-movers need to consider how much they can afford to pay each month on a monthly mortgage, even if they can meet the asking price of a home.
“Another measure of affordability which is restricting some first-time buyers from getting onto the ladder is how much they can borrow.
“It’s encouraging to see that the regulator is considering how they may be able to enable first-time buyers to borrow more in a responsible way, as we think this will help to unlock more opportunity, particularly for those with smaller deposits.”
News of Paisley’s cheaper than average homes comes just weeks after it was revealed prices across the wider Renfrewshire area have rocketed. Properties in areas such as Kilbarchan, Bridge of Weir and Houston mean the average house price for the local authority area is now £156,000.
While analysis shows the cost of an average first-time buyer property has increased by 2.3 per cent in the past year, across all property types, the cost of a home in Renfrewshire has soared by 10 per cent.
Gary McCulloch, from Allen & Harris Estate Agents in Paisley’s Causeyside Street, previously said business is booming. He revealed: “There’s been a buzz here in Renfrewshire forever but, really, since the start of covid, it’s been busier and busier all the time. Prices are increasing and everything is now going to a closing date. There’s a huge demand in Paisley and Renfrewshire in general.”
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