The latest rankings have unveiled the top cities where first-time buyers can enter the property market, with a Scottish city leading the pack for the fourth consecutive year.
Glasgow has once again claimed the top spot in the Aldermore First-Time Buyer (FTB) Appeal Index, considering 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 with an average first-time buyer price of £168,828, an average deposit of £31,856, and an anticipated annual price growth of 6.8%. Comparatively, the average UK house price stands at £269,000 according to official data.
Moreover, Glasgow boasts the highest percentage of 25 to 35-year-olds among all cities, a robust local business environment, and a growing job market. However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have seen their rankings decline, with Liverpool and Newcastle now securing the second and third positions.
Conversely, Southern commuter towns and coastal areas remain less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking lowest on the list.
Jon Cooper, Aldermore’s director of mortgages, emphasized the ongoing dominance of northern cities in the rankings and the persistent affordability challenges in southern England. He also welcomed the proposed UK mortgage rule changes by the FCA, aiming to facilitate access to the housing ladder for first-time buyers and self-employed individuals.
Cooper advised first-time buyers to engage with brokers to navigate the property buying journey efficiently, ensuring they secure the best deals with expert guidance to minimize stress and save time.
