Glasgow has secured the top spot in the Aldermore First-Time Buyer (FTB) Appeal Index for the fourth consecutive year, making it the best city for first-time buyers looking to enter the property market. The index evaluates various factors beyond house prices and deposits, including commute times, local amenities, and the demographic of young residents.
With an average first-time buyer price of £168,828, an average deposit of £31,856, and a projected annual price growth of 6.8%, Glasgow stands out as an attractive option. This is compared to the UK average house price of £269,000. Additionally, Glasgow boasts the highest percentage of 25 to 35-year-olds among all cities, a thriving local business scene, and expanding job opportunities.
On the other hand, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, giving way to northern England cities like Liverpool and Newcastle, which have risen to the second and third positions, respectively.
Southern commuter towns and coastal areas, including Maidstone, Basildon, Southend, and Chelmsford, are noted as the least affordable locations for first-time buyers.
Jon Cooper, the director of mortgages at Aldermore, emphasized the continued dominance of northern cities in the rankings and highlighted the affordability challenges faced, especially in southern England. He also welcomed the proposed UK mortgage rule changes by the FCA, which are expected to facilitate access to housing for first-time buyers and self-employed individuals.
Cooper recommended that first-time buyers seek assistance from brokers to navigate the property market effectively. Engaging a broker can help in finding the right deal at a competitive price, ultimately streamlining the buying process and reducing stress for buyers.
