The latest rankings have unveiled the top cities favored by first-time buyers looking to step onto the property ladder, with a Scottish locale securing the leading position for the fourth consecutive year.
Glasgow has once again claimed the top spot in the Aldermore First-Time Buyer (FTB) Appeal Index, which evaluates various factors beyond house prices and deposits. These factors include commute times, local amenities, and the concentration of young residents in the area.
With an average first-time buyer price of £168,828 and an average deposit of £31,856, Glasgow stands out as the most affordable choice. Additionally, the city boasts a projected annual price growth of 6.8%, surpassing the national average house price of £269,000.
Glasgow also excels in its demographics, with the highest percentage of 25 to 35-year-olds among all cities, a thriving local business community, and expanding job opportunities. On the flip side, other Scottish cities like Dundee, Aberdeen, and Edinburgh have seen their rankings decline, making way for northern English cities like Liverpool and Newcastle to climb to the second and third positions.
Meanwhile, Southern commuter towns and coastal areas continue to be the least affordable options, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, the director of mortgages at Aldermore, emphasized the persistence of affordability challenges, particularly in southern England. However, he pointed out that there are still opportunities for first-time buyers willing to embark on their homeownership journey, especially with the proposed UK mortgage rule changes by the FCA that aim to facilitate access to housing for FTBs and self-employed individuals.
Cooper recommended engaging a broker to navigate the property buying process efficiently, citing the broker’s ability to secure favorable deals and reduce stress for first-time buyers.