The top cities offering excellent opportunities for first-time homebuyers have been announced, with a Scottish city securing the leading position for the fourth consecutive year.
For the fourth year in a row, Glasgow has been named the best city for first-time buyers according to the Aldermore First-Time Buyer (FTB) Appeal Index.
The ranking considers various factors beyond house prices and deposits, including commute times, amenities, and the demographic of young residents, all crucial for first-time buyers. Glasgow emerged on top with an average first-time buyer price of £168,828, an average deposit of £31,856, and an anticipated annual price growth of 6.8%. In comparison, the average house price across the UK stands at £269,000 as per official data.
Notably, Glasgow boasts the highest concentration of 25 to 35-year-olds among all cities, along with a thriving local business scene and expanding job opportunities.
On the other hand, other Scottish cities experienced a decline in their rankings. Dundee, Aberdeen, and Edinburgh were overshadowed by cities primarily in northern England, with Liverpool and Newcastle securing the second and third positions, respectively.
Southern commuter towns and coastal areas continue to present challenges in terms of affordability, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, the director of mortgages at Aldermore, commented on the findings, stating, “Glasgow maintains its position as the top city for first-time buyers, with northern cities dominating our rankings consistently for four years.”
Cooper also mentioned the importance of seeking assistance from brokers for first-time buyers, emphasizing the value of their expertise in navigating the property ladder successfully amidst affordability challenges.
For those considering their first property purchase, engaging a broker could streamline the process and lead to securing the best deals tailored to individual needs and financial capacities.
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