China's young feeling the squeeze of cost of living are finding homes in older cities
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In recent years, many young people — especially women — who share Ms Ding's dream of lying flat are seeking cheap properties in cities like Linghai. The cheapest city for a tenant who is looking for a two-bed or smaller is Carlisle where such rents are £607 on average per month. Susu believes that young people like her are lying flat because things like owning a property, getting married and giving birth to a child are too costly. Before the move 440 kilometres north-east from her rental in Beijing, Ms Ding had been paying $9,000 a year for a room in a shared flat. By comparison that’s £755 more expensive than the second-highest city to buy and rent a home St. Albans where average rent prices are £1,509. Aberdeen claimed the top spot as the UK’s cheapest city to buy a first home with prices averaging £102,601 for a two-bed property.
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In Edinburgh average two beds cost £239,028 more than double the average cost in Aberdeen. The size of deposits was based on averages from UK Finance, and the research also revealed a lot of first-time buyers are choosing longer repayment terms to improve their affordability.
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Ms Ding is a social media producer, and like many in China, her employer hasn't been doing well since COVID. From ways to boost your chances of getting a top-rate mortgage to preparing for your move, The Sun's new first-time buyer newsletter has got you covered. IF you're looking to take your first step onto the property ladder, why not sign up to our new first-time buyer newsletter. Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. Getting on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.
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THE UK’s most expensive and cheapest areas to buy or rent a home have been revealed in a recent study. Dr Chen said many young people entered the job market at a time when China's economic growth had slowed significantly. "It's really cheap living here.1,000 yuan ($211) is enough for a month," she told the ABC. Susu, 26, used to run an online business in Shanghai, but she was able to buy a two-bedroom apartment in Fuxin, for about $8,600.
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Renters in London are facing the highest rents across the country with many having to put up an average of £2,264 a month. "But I feel it is really about how to cope with the situation that young people find it very hard to compete in this tough job market." "Winter in Hegang is very cold, but the living cost is low and it's very easy to be happy here," Ms Qin said. Linghai is an old industrial city that's aging rapidly and has a population of about 550,000. "Women face a glass ceiling at work. When they turn 30, if you say you want to get married or have a child, you will be discriminated against in the job market," Ms Ding said. "If I only eat and sleep, I'll probably be able to live on 500 yuan ($107) a month," she explained.
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When Ding Xuan spotted an opportunity to snap up a two-bedroom flat for less than her previous year's rent, she bought it over the phone as quickly as possible. Mortgage guarantee scheme - Available for first-time buyers and those who've owned a property before who have a minimum 5% deposit. The ONS said private rental prices in the UK rose by 6.2% in the 12 months to January 2024, unchanged for the second consecutive month. It will probably come as no surprise to our readers that London is by far the most expensive city to buy and rent a property.
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First-time buyers in London are looking at an average of £501,934 for a standard two-bed property with mortgage payments at £1,862 per month. Average monthly rent sits at just £775 with average mortgage payments nearly half that at £406. Rightmove has assessed the cheapest cities for first-time buyers as well as the average monthly rent for all UK areas. "Moving to a smaller city, which has a lower cost of living, maybe a less stressful lifestyle," she said. Fuxin, Hegang, Gejiu and Qianjiang, are all options for young people who want to break free from the pressure and high cost of living in China's megacities.
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In recent years, it has welcomed a surge of young residents who came for the super cheap property prices and slower lifestyle. There are a few other former industrial cities that have what might seem to be surreal property prices. "I can lie flat for 5 or 6 years — so what's there to worry about? There's not just one way to live."
A one-bedroom apartment in Hegang can cost as little as $3,000, according to local reports. "Compared to the rat race and discrimination in big cities, I think getting a place in a smaller city is a more comfortable way of living." Ms Ding also runs a social media account about her life in Linghai and more than 80 per cent of her followers are female. Ms Ding said she wanted to move to Linghai and lie flat because she didn't want to be constantly exhausted. Lying flat was a buzzword created by young Chinese who have opted out of the rat race due to increasing social anxiety and pressure. The average UK house price fell by 0.2% month on month in March, although there are signs that activity is picking up, according to Nationwide's latest index.
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