Glasgow has once again secured the top position in the Aldermore First-Time Buyer (FTB) Appeal Index, maintaining its lead as the best city for first-time buyers for the fourth consecutive year. This ranking considers various factors beyond house prices and deposits, such as commute times, local amenities, and the demographic composition of the area.
With an average first-time buyer price of £168,828 and an average deposit of £31,856, Glasgow offers a favorable entry point into the property market, coupled with a projected annual price growth of 6.8%. In comparison, the average UK house price stands at £269,000 according to official statistics.
Glasgow stands out for its high concentration of 25 to 35-year-olds, thriving local businesses, and expanding job opportunities. However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle, which now hold the second and third positions respectively.
Conversely, southern commuter towns and coastal areas continue to pose affordability challenges, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list in terms of affordability for first-time buyers.
Jon Cooper, Aldermore’s director of mortgages, emphasized the continued dominance of northern cities in the rankings and highlighted the importance of engaging with a broker to navigate the property buying process effectively. Cooper also welcomed the proposed UK mortgage rule changes by the Financial Conduct Authority (FCA), which are expected to ease access to housing finance for first-time buyers and self-employed individuals.
If you are a first-time buyer looking to enter the property market, seeking assistance from a broker can streamline the process, ensuring you secure the best deal tailored to your needs and financial situation.