The latest rankings have unveiled the top cities ideal for first-time buyers looking to enter the property market, with a Scottish city securing the leading position for the fourth consecutive year.
Glasgow has once again claimed the top spot in the Aldermore First-Time Buyer (FTB) Appeal Index, which evaluates various factors beyond house prices and deposits, including commute times, local amenities, and the demographic of young residents.
Glasgow stands out as the best location with an average first-time buyer price of £168,828 and an average deposit of £31,856, accompanied by a projected annual price growth of 6.8%. In comparison, the average house price in the UK stands at £269,000 according to official data.
Additionally, Glasgow boasts the highest percentage of 25 to 35-year-olds among all cities, a thriving local business landscape, and expanding job opportunities. On the contrary, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle to secure higher positions.
Southern commuter towns and coastal areas continue to be less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list in terms of affordability for first-time buyers.
Jon Cooper, the mortgages director at Aldermore, emphasized the continuous dominance of northern cities in the rankings, highlighting the affordability challenges faced in southern England. He also welcomed the proposed UK mortgage rule changes by the FCA, aiming to facilitate easier access to the property market for first-time buyers and the self-employed.
Cooper advised first-time buyers to consult with brokers to navigate the property buying process efficiently, ensuring the best deals and minimizing stress.