Edinburgh, Dundee, Aberdeen and Glasgow are among the least affordable cities in the UK for “second steppers” – people who are moving to a bigger home.
The Scottish capital was the least affordable city in the UK, with an average price difference of 124.7 per cent between a flat and a first house, according to property search engine Placebuzz.com.
Couples in Edinburgh looking to buy their first family home have to pay an average of £180,285 more to purchase a typical terraced or semi-detached house, at £324,874, compared with a one- to two-bedroom flat, which costs around £144,589. With the average salary in Edinburgh around £31,040, that extra cost to step up is 581 per cent more than the average wage.
The capital is closely followed by Dundee, where people looking to make a move are facing an average additional cost of £179,089 to do so. Aberdeen and Glasgow also feature high up on the list, with average second steps of £101,718 and £53,040 respectively.
Andy Hatoum, co-founder of Placebuzz.com, said: “These figures show the gap between the first and second rung of the property ladder in many areas of the UK remains too wide for many couples to consider buying their first family house.
“The second step is often the hardest step to take on the property ladder. But it’s also the most important. It’s not just the price differential between a flat and a house, there’s also the additional costs such as stamp duty, extra mortgage and furnishing costs that need to be met.”
London is the least affordable UK city in terms of the amount of money required to jump from the first rung to the second rung of the ladder – with couples having to find an extra £463,580 to move from a flat to their first house.
David Marshall, spokesman for the Edinburgh Solicitors Property Centre, said: “People have to bear in mind that as house prices are rising, so are the gaps as properties get more expensive.”