The top cities for first-time buyers to enter the housing market have been unveiled, with a Scottish city leading the rankings for the fourth consecutive year.
Glasgow has once again secured the top position in the Aldermore First-Time Buyer (FTB) Appeal Index.
The index considers not only property prices and deposits but also factors important to first-time buyers like commute times, local amenities, and the concentration of young residents.
Glasgow emerged as the most favorable location with an average first-time buyer property cost of £168,828 and an average deposit of £31,856, coupled with an anticipated annual price appreciation of 6.8%. The average house price across the UK stands at £269,000 according to official figures.
Additionally, Glasgow boasts the highest percentage of 25 to 35-year-olds among all cities, a vibrant local business environment, and expanding employment prospects.
Meanwhile, other Scottish cities have slipped in the rankings, making way for predominantly northern English cities like Liverpool and Newcastle, which have climbed to the second and third positions.
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, Aldermore’s mortgages director, remarked, “Glasgow remains the top choice for first-time buyers for the fourth consecutive year, with northern cities prominently featured in our rankings.”
Cooper added, “Despite affordability challenges, especially in southern England, our study indicates opportunities still exist for those looking to step onto the property ladder.”
“Aldermore applauds the FCA’s recent proposal for mortgage rule adjustments in the UK, which could facilitate more first-time buyers and self-employed individuals in accessing the housing market.”
“Engaging a broker can greatly benefit first-time buyers throughout this process. Brokers provide invaluable support, ensuring the best deal at the right price, ultimately saving time and reducing stress during the home-buying journey.”
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