Study reveals the north provides the most possibility for hopeful buyers
For the second consecutive year, Glasgow in Scotland has topped the list of the best places for first-time buyers, compiled by Aldermore’s First-Time Buyer Appeal Index.
The index, which analyses 50 cities across the UK to determine the top places for first-time buyers, suggested that there were still many locations which provide opportunity for potential new homeowners despite an increasingly challenging housing market.
Aldermore, however, noted a regional divide in homebuying opportunity, with the index continuing to be dominated by cities in Scotland and the north west of England, while cities in the south trailed behind.
Looking to take that exciting step onto the property ladder? Well, moving North could be the key to your real estate dreams! Want to know more about where in the UK property is a hot topic? https://t.co/cv4UkE5KGT#GlasgowLiving #PropertyLadderChampion #ScotlandForTheWin pic.twitter.com/nPBn96hASK
— Aldermore Bank (@AldermoreBank) October 20, 2023
The First-Time Buyer Appeal Index looks at 10 indicators across two key pillars – property and lifestyle – that impact first-time buyer desirability. The places are ranked by affordability, available housing stock, and lifestyle considerations for first-time buyers.
Glasgow, Dundee, and Aberdeen – all in Scotland – were the top three places for first-time buyers this year. The North West’s Manchester and Liverpool also entered the top five.
The biggest leap on the leaderboard this year was Wakefield, jumping 18 places from 32nd in 2022 to 14th, and Birmingham from 27th in 2022 to 12th.
The report also named Basildon, Chelmsford, and Maidstone as the least attractive of the major UK cities for first time buyers, predominantly due to affordability problems.
“First-time buyers have had a challenging year, facing higher interest rates and increased market uncertainty,” commented Jon Cooper (pictured), head of mortgages at Aldermore. “It’s therefore understandable that some people are questioning whether or not to put their homebuying plans on the backburner.
“However, as we can see, there are still fantastic opportunities available in the UK, with many regions not only offering healthy returns on properties, but are also fulfilling key lifestyle considerations, which for some, is just as important in the homebuying search.
“Becoming a homeowner is a wonderful step forward in a person’s life, and for many is a rite of passage. Despite the current environment, first-time buyers can still realise their homebuying dreams.”
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