The top cities for first-time homebuyers have been unveiled, with a Scottish city leading the pack for the fourth consecutive year.
Glasgow has once again secured the top ranking in the Aldermore First-Time Buyer (FTB) Appeal Index.
The index considers not just property prices and down payments but also factors crucial to first-time buyers like commute duration, local amenities, and the proportion of young residents.
Glasgow emerges as the prime location with an average first-time buyer price of £168,828, a typical deposit of £31,856, and an expected annual price rise of 6.8%. In contrast, the average UK home price stands at £269,000 as per official data.
Furthermore, Glasgow boasts the highest proportion of 25 to 35-year-olds among all cities, a thriving local business scene, and expanding employment opportunities.
However, other Scottish cities have seen a decline in their rankings. Dundee, Aberdeen, and Edinburgh have been displaced by cities mainly in northern England, with Liverpool and Newcastle climbing to second and third place.
Southern commuter hubs and seaside locations continue to be less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, Aldermore’s mortgages director, remarked, “For the fourth straight year, Glasgow leads the way as the best city for first-time buyers, with northern cities prominently featured in our rankings.”
Cooper added, “While challenges in affordability persist, particularly in southern England, our study indicates pockets of opportunity for those embarking on their first homeownership journey.”
He also praised the Financial Conduct Authority’s proposed mortgage rule adjustments, anticipating they will assist more first-time buyers and self-employed individuals in entering the property market.
Cooper recommended, “First-time buyers should consider engaging a broker for guidance throughout the process. Brokers offer valuable support, ensuring the best deal at optimal prices, thus streamlining the entire experience and reducing stress.”
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