First time buyer affordability index may be most authoritative yet

A new league table drawn up by a property advice website may be the most authoritative yet for first time buyers who want to assess the kind of property they can afford, and where, when they get on the ladder. 

CompareMyMove has divided the amount needed for a 15 per cent deposit by average annual income in each of the UK's most populated towns and cities to create a deposit to income ratio - the lower the ratio, the better news it is for prospective first time buyers. 

The site also estimates the average monthly mortgage repayments in each location.

Specifically, the annual earnings data has been sourced from the Office for National Statistics, while average house price is sourced for each town or city from Zoopla. 

The deposit to income ratio is calculated by dividing the amount required for a 15 per cent deposit by the median salary - this figure has been selected because while many lenders traditionally would offer first-time buyers a mortgage with a lower deposit, they have recently edged towards 15 per cent. 

Monthly mortgage repayments were calculated using the Money Advice Service based on a 30-year mortgage with an interest rate of two per cent.

So after those calculations, the top three locations with best affordability for FTBs are Birkenhead, Hartlepool and St Helens - unsurprisingly, all three in the north of England.

However, you can find the full list here - including many across the rest of Britain.