Hungary has the 9th most accessible property ladder in the world!

New research has revealed Hungary has the 9th most accessible property ladder in the world. The study conducted by Investing Reviews analysed several different factors, including average wages, average property prices, and the cost of utilities to reveal the most and least affordable countries for first-time buyers.

Below you can read the relevant findings of the study.

According to data from the ONS, UK house prices have risen by a huge 10% in the year to May 2021. This sharp rise in prices is welcome news to property owners, who can enjoy the additional spending power and financial security that comes with this price inflation.

However, those looking to find their first step on the property ladder are understandably viewing this increase with dismay. In just a few generations, owning your own home has gone from an easily achievable aim that can be attained with a couple of years of moderate saving, to a dream that is simply out of reach for many.

Number of homeowners record-breaking in Hungary

It’s true that there are now many more ways of saving than previous generations had access to, such as popular Lifetime ISAs which are specifically designed to help young people save for a deposit, but with house prices rising much faster than wages, younger generations are understandably worried.

The UK housing market is certainly a tough place for prospective homeowners at the moment, but is this pattern repeated elsewhere? In fact, it seems that 2021 has seen house prices rise in many countries all over the world, with only 3 of 40 OECD countries seeing a fall in property values.

With this in mind, we wanted to find out just how tough it is to get on the property ladder for prospective homeowners in different parts of the world. Having analysed several different factors, from the average wages to average property prices, and even the cost of utilities, we’ve found the most and least affordable countries for people to buy their first home. These factors have all been combined into a single Property Affordability Score, which we’ve used to rank the countries from the most affordable to the least.

Here is where you can buy cheap properties near Budapest

These are the best countries for first-time buyers to find an affordable home and get on the property ladder. They have been ranked according to their overall Property Affordability Score, with 1 being the most affordable and 50 being the least. 

Source: investingreviews.co.uk