Glasgow has once again secured the top spot in the Aldermore First-Time Buyer (FTB) Appeal Index, making it the best city for first-time buyers for the fourth consecutive year. The index considers 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 and an average deposit of £31,856, Glasgow emerges as the prime destination, boasting a projected annual price growth of 6.8%. This stands out compared to the average UK house price of £269,000 as per government data.
Glasgow’s appeal is further enhanced by its high percentage of 25 to 35-year-olds, a robust local business environment, and increasing job opportunities. However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities such as Liverpool and Newcastle, which now claim the second and third positions.
In contrast, southern commuter towns and coastal areas like Maidstone, Basildon, Southend, and Chelmsford are deemed the least affordable for first-time buyers.
Jon Cooper, Aldermore’s director of mortgages, emphasized the ongoing affordability challenges, particularly in southern England. Despite this, there are still viable options for those embarking on their property ownership journey. Cooper also praised the Financial Conduct Authority’s proposed changes to UK mortgage rules, which are expected to facilitate home purchases for first-time buyers and self-employed individuals.
Cooper advised first-time buyers to engage with brokers to navigate the process efficiently. Broker expertise can secure the best deals and alleviate the stress associated with property purchases.
WHATSAPP GROUP: Stay updated on money news and exclusive deals by joining our Money WhatsApp group. Benefit from special offers, promotions, and advertisements from us and our partners. Read our Privacy Notice for more information.
NEWSLETTER: Receive expert advice and top shopping deals directly to your inbox by signing up for Mirror’s Money newsletter.
Make Daily Mirror your ‘Preferred Source’ on Google News to access your preferred news quickly.
At Reach and our affiliated entities, we and our partners utilize cookies and other identifiers to enhance site experience, analyze usage, and provide personalized advertising. You can opt out of data sharing by clicking the “Do Not Sell or Share my Data” button on the webpage. By using our services, you agree to our use of cookies as outlined in our Cookie Policy, Privacy Notice, and Terms and Conditions.