The top cities for first-time home buyers to enter the property market have been unveiled, with a Scottish city securing the leading position for the fourth consecutive year.
Glasgow has once again claimed the top rank in the Aldermore First-Time Buyer (FTB) Appeal Index. This index considers not only house prices and deposits but also factors crucial to first-time buyers like commute times, local amenities, and the presence of young residents.
Glasgow is noted as the most favorable location with an average first-time buyer price of £168,828, a typical deposit of £31,856, and an anticipated annual price growth of 6.8%. Comparatively, the average house price in the UK stands at £269,000 according to official data.
Additionally, Glasgow stands out for having the highest percentage of 25 to 35-year-olds among all cities, a robust local business community, and increasing job prospects. Conversely, other Scottish cities such as Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for cities mainly in northern England like Liverpool and Newcastle, now ranking second and third respectively.
Meanwhile, southern commuter towns and coastal areas remain less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, the mortgages director at Aldermore, emphasized the continued dominance of northern cities in the rankings and acknowledged the persistence of affordability challenges, particularly in southern England. He highlighted the potential for first-time buyers to find opportunities in the market, especially with the proposed UK mortgage rule changes by the FCA.
Cooper advised first-time buyers to consider engaging a broker to guide them through the property purchasing process, ensuring they secure the best deal efficiently and reduce stress.
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