Wales identified as least affordable for first-time buyers

New research from Skipton Group reveals that Wales is the least affordable region for first-time home buyers in Great Britain. Ceredigion, Powys, and Pembrokeshire are the worst areas, with only about 2.7% of potential buyers able to afford a home there. Cardiff and Vale of Glamorgan also ranked among the top ten least affordable places. Skipton Group expressed surprise at seeing so many Welsh areas on this list, noting that such rankings typically feature London and the South East. In fact, the City of London and Westminster are further down, with 3.2% and 3.9% of first-time buyers able to afford homes. On the other hand, Scotland is home to most of the most affordable areas. Aberdeen City leads this list, where 31% of people can buy a home. Other affordable areas in Scotland include Aberdeenshire and Na h-Eileanan Siar. The report highlights that nearly 90% of potential first-time buyers struggle to enter the property market without extra financial help. This comes as new stamp duty thresholds are set to be reduced in April in England and Northern Ireland, which could increase costs for many buyers. Skipton Group's CEO, Stuart Haire, noted that the challenge for first-time buyers in Wales is particularly stark. He pointed out that there is a lack of tax relief for first-time buyers in Wales, making the situation even more difficult.