Glasgow Secures Top Spot for First-Time Buyers for Fourth Consecutive Year
The latest rankings for the best cities for first-time buyers to enter the property market have been unveiled, with a Scottish city claiming the lead position for the fourth year in a row.
Glasgow has once again been named the top city in the Aldermore First-Time Buyer (FTB) Appeal Index, surpassing other contenders. The index evaluates various factors crucial to first-time buyers beyond just house prices and deposits, including commute convenience, local amenities, and the presence of young residents.
With an average first-time buyer price of £168,828 and an average deposit of £31,856, coupled with an anticipated annual price growth of 6.8%, Glasgow stands out as the preferred location. Comparatively, the average house price across the UK stands at £269,000 according to official statistics.
Glasgow’s appeal is further accentuated by its high concentration of 25 to 35-year-olds, a thriving local business landscape, and expanding job prospects. However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for cities in northern England such as Liverpool and Newcastle, which have climbed to the second and third positions, respectively.
In contrast, southern commuter towns and coastal areas continue to present challenges in terms of affordability, with Maidstone, Basildon, Southend, and Chelmsford ranking lowest on the list.
Jon Cooper, Aldermore’s director of mortgages, noted that despite affordability hurdles, opportunities still exist for first-time buyers, especially in the northern cities dominating the rankings. Cooper also welcomed the proposed changes in UK mortgage rules by the Financial Conduct Authority (FCA), which are expected to facilitate home ownership for first-time buyers and self-employed individuals.
Cooper advised first-time buyers to engage with brokers to navigate the property market efficiently, emphasizing the benefits of expert guidance in securing favorable deals promptly and with reduced stress.
Unlock more money news and exclusive deals by joining our Money WhatsApp group and subscribing to Mirror’s Money newsletter for tailored advice and shopping offers directly to your inbox. Optimize your news experience by designating Daily Mirror as a ‘Preferred Source’ on Google News for quick access to curated content.