The top cities for first-time buyers to enter the property market have been unveiled, with a Scottish city leading the ranking for the fourth consecutive year.
Glasgow has once again secured 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 such as commute durations, local amenities, and the concentration of young residents in the area.
Glasgow has been recognized as the best location with an average first-time buyer property price of £168,828 and an average deposit of £31,856, along with an anticipated annual price growth of 6.8%. Comparatively, the average house price in the UK stands at £269,000, according to government data.
Glasgow stands out for having the highest proportion of 25 to 35-year-olds among all cities, a robust local business community, and increasing job prospects.
Meanwhile, other Scottish cities like Dundee, Aberdeen, and Edinburgh have seen a decline in their rankings, making way for predominantly northern English cities like Liverpool and Newcastle, which have risen to second and third place.
Southern commuter towns and coastal areas continue to be the least affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, director of mortgages at Aldermore, commented, “Glasgow maintains its position as the best city for first-time buyers for the fourth consecutive year, with northern cities prevailing in our rankings.”
Cooper added, “While challenges in affordability persist, particularly in southern England, our study indicates that there are still opportunities available for those looking to step onto the property ladder for the first time.”
He also mentioned, “Aldermore appreciates the recent proposed mortgage rule changes by the FCA in the UK, which could facilitate more first-time buyers and self-employed individuals in buying their first homes.”
Cooper advised, “Engaging a broker can be highly beneficial for first-time buyers in this process. Brokers offer invaluable support in finding the best deals at optimal prices, ultimately saving time and reducing stress throughout the entire journey.”
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