The latest rankings have unveiled the prime cities for first-time buyers to step onto the property market, with a Scottish city leading the pack for the fourth consecutive year.
Glasgow has once again secured the top position in the Aldermore First-Time Buyer (FTB) Appeal Index, standing out for its average first-time buyer price of £168,828 and an average deposit of £31,856. Additionally, the city boasts a projected annual price growth of 6.8%, outperforming the UK average house price of £269,000.
The index evaluates various factors crucial to first-time buyers beyond house prices and deposits, including commute times, local amenities, and the concentration of young residents in the area. Glasgow excelled not only for its affordability but also for having the highest percentage of 25 to 35-year-olds among all cities, a thriving local business sector, and expanding job prospects.
While Glasgow retained its top position, other Scottish cities like Dundee, Aberdeen, and Edinburgh saw a decline in their rankings, paving the way for northern English cities like Liverpool and Newcastle to climb to the second and third spots, respectively.
On the flip side, southern commuter towns and coastal locations continue to pose challenges in terms of affordability, with Maidstone, Basildon, Southend, and Chelmsford ranking the lowest on the list.
Jon Cooper, the director of mortgages at Aldermore, emphasized the ongoing affordability struggles, especially in the south of England. However, he highlighted that opportunities still exist for first-time buyers willing to enter the property market.
Cooper also welcomed the recent proposed UK mortgage rule changes by the Financial Conduct Authority (FCA), which are expected to facilitate access to homeownership for first-time buyers and self-employed individuals.
He advised first-time buyers to engage with mortgage brokers to navigate the property purchasing journey effectively. Brokers can provide valuable support in finding the right deal at the best price, ultimately streamlining the process and alleviating stress for buyers.
