The latest rankings of the most favorable cities for first-time buyers to enter the property market have been unveiled, with a Scottish city leading the pack for the fourth consecutive year.
Glasgow has retained its top position in the Aldermore First-Time Buyer (FTB) Appeal Index.
The index considers not just house prices and deposits but also factors important to first-time buyers such as commute times, local amenities, and the presence of young residents.
Glasgow has been named the prime location with an average first-time buyer property price of £168,828 and an average deposit of £31,856, coupled with an expected annual price growth of 6.8%. This stands against the average UK house price of £269,000 as per government statistics.
Moreover, Glasgow boasts the highest percentage of 25 to 35-year-olds among all cities, a thriving local business sector, and increasing job prospects.
Contrarily, other Scottish cities have seen a decline in their rankings. Dundee, Aberdeen, and Edinburgh have been displaced by predominantly northern English cities, with Liverpool and Newcastle now securing the second and third positions.
Southern commuter towns and coastal areas persist as the least affordable options, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Director of Mortgages at Aldermore, Jon Cooper, commented, “Glasgow continues to lead as the top city for first-time buyers, with northern cities prominently featured in our rankings for another year.
“While challenges in affordability persist, especially in southern England, our investigation reveals pockets of opportunity for those eager to take their initial step onto the property ladder.
“Aldermore welcomes the recent proposal by the FCA for changes in UK mortgage regulations, which should facilitate more first-time buyers and self-employed individuals in accessing the property market.
“Engaging a broker is highly recommended for first-time buyers embarking on this journey. A broker will provide crucial support, securing the most suitable deal at the best price, ultimately saving time and alleviating stress throughout the process.”
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