The latest rankings for ideal cities for first-time buyers to enter the property market have been disclosed, with a Scottish city securing the top spot for the fourth consecutive year.
Glasgow has once again been recognized as the leading location in the Aldermore First-Time Buyer (FTB) Appeal Index.
This index evaluates various aspects beyond just house prices and deposits, including commute times, local amenities, and the population of young residents, all crucial factors for first-time buyers.
Glasgow emerges as the top choice with an average first-time buyer price of £168,828 and an average deposit of £31,856, coupled with a projected annual price growth of 6.8%. In comparison, the average house price in the UK stands at £269,000 according to government data.
Additionally, Glasgow stood out for having the highest percentage of 25 to 35-year-olds among all cities, a robust local business environment, and expanding job prospects.
However, other Scottish cities have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle to secure the second and third positions respectively.
On the other hand, southern commuter towns and coastal areas continue to pose affordability challenges, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
According to Jon Cooper, Aldermore’s director of mortgages, Glasgow’s consistent top ranking and the dominance of northern cities in the index reflect the ongoing affordability issues, particularly in southern England. He also highlighted the potential opportunities for first-time buyers presented by the proposed UK mortgage rule changes by the FCA.
Cooper advised first-time buyers to engage with a broker to navigate the property purchasing journey efficiently. Working with a broker can lead to securing the right deal at the best price, ultimately saving time and reducing stress throughout the process.