The latest rankings have unveiled the top cities for first-time buyers to enter the property market, with a Scottish city 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. 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 stands out as the best place for first-time buyers, boasting an average property price of £168,828 and an average deposit of £31,856, alongside an anticipated annual price growth of 6.8%. In comparison, the average house price in the UK stands at £269,000 according to official statistics.
Moreover, Glasgow is noted for having the highest percentage of 25 to 35-year-olds among all cities, a robust local business community, and increasing job prospects. On the contrary, other Scottish cities such as Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for cities in northern England like Liverpool and Newcastle which now hold the second and third positions respectively.
In contrast, Southern commuter towns and coastal areas remain less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list for first-time buyers.
Jon Cooper, the mortgages director at Aldermore, emphasized Glasgow’s consistent appeal for first-time buyers and the dominance of northern cities in the rankings. Despite affordability challenges, particularly in southern England, there are still opportunities for first-time buyers willing to step onto the property ladder.
Cooper also welcomed the Financial Conduct Authority’s proposed changes to UK mortgage rules, which are expected to facilitate more opportunities for first-time buyers and self-employed individuals to own homes.
He advised first-time buyers to engage with a broker to guide them through the home-buying process efficiently. A skilled broker can help secure the right deal at the best price, saving time and reducing stress for buyers.
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