IRVINE has been highlighted as one of the UK's top new towns for affordable property.

New analysis by Halifax claims home buyers could save nearly £50,000 on average by purchasing a property in a new town, compared with house prices generally.

The average house price in a new town is £300,656, compared with a UK average of £346,995, Halifax said.

Irvine came fourth in the UK new towns with the least expensive, first-time buyer, property price in 2024.

Halifax figures showed that the average price of a first-time buyer home in Irvine was £153,641, a full 22 per cent less property in the wider region.

Irvine came just behind the North West towns of Peterless, Washington and Skelmersdale and ahead of other Scottish New Towns including Cumbernauld and Glenrothes.

Their study also found Irvine was fourth in the list of new towns for the biggest discount to regional property price in 2024.

With average area prices at £243,707, and Irvine's standing at at £178,322, that's a saving of 27 per cent.

The town failed to make the top 10 list for new town property price growth over the past 30 years, however.

A major push for new towns followed the Second World War, driven by the need to rebuild and provide housing for those displaced by bombing and demolition programmes.

Irvine was officially designated a new town in 1966 - the only one of the five in Scotland already have a large population. Irvine Development Corporation was established to take over the planning of the town, running until 1996.

Amanda Bryden, head of Halifax Mortgages, said: "New towns have played an important role over the years in helping to provide additional, affordable housing options across the UK.

"With the Government's ambitious plan to build a new generation of new towns, our research shows that while they offer homeowners the potential to benefit from significant price growth, they also present attractive opportunities for first-time buyers.

"Placing social and affordable housing options, energy-efficient buildings, green spaces, and accessible public transport at their core would give a clear signal to both investors and developers that these vibrant communities will not only address the current housing shortage, but also contribute to a more sustainable future."