Glasgow has maintained its position as the top city for first-time buyers in the Aldermore First-Time Buyer (FTB) Appeal Index for the fourth consecutive year. This ranking considers various factors beyond house prices and deposits, including commute times, local amenities, and the demographic composition of the area.
The city boasts an average first-time buyer price of £168,828 and an average deposit of £31,856, with 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.
Glasgow stands out for having a high concentration of 25 to 35-year-olds, a thriving local business environment, and expanding job opportunities. On the contrary, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for cities in northern England like Liverpool and Newcastle to claim higher positions.
Southern commuter towns and coastal areas continue to be less affordable options for first-time buyers, with Maidstone, Basildon, Southend, and Chelmsford ranking lowest on the list.
Jon Cooper, Aldermore’s mortgages director, noted that while affordability challenges persist, opportunities exist for first-time buyers, especially in northern cities. Cooper also welcomed the proposed UK mortgage rule changes by the FCA, aiming to facilitate home ownership for FTBs and the self-employed.
Cooper advised first-time buyers to engage a broker to navigate the property buying process efficiently and secure the best deal available, emphasizing the importance of expert guidance to save time and reduce stress.
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