First-time buyers find it easiest to buy in Glasgow compared to other major UK cities, Aldermore analysis shows.
The city has a strong population of 25–35-year-olds, the highest share of sales from first-time buyers of all the cities analysed (64%) and an average selling price of £155,562.
Glasgow also has a diverse nightlife and offers job opportunities for highly skilled workers, as 61% of the workforce are graduates.
Dundee and Aberdeen are the second best cities for first-time buyers.
Jon Cooper, director of mortgages at Aldermore said: “Buying your first property remains a major life goal for millions of people across the country, despite the many challenges of getting on the housing ladder.
“Our Appeal Index demonstrates there are buying opportunities in every region, with cities offering different attributes for first time buyers. Even with the significant market and political uncertainty our insights show there are still options available for first time buyers hoping to realise their dream.
“Would-be buyers should plan carefully to ensure they are prepared for the range of costs involved and should seek advice from a broker, who can help guide them through the process and navigate the complexity of the process.”
Up and coming hotspots
Coventry and Portsmouth have grown more attractive.
In Portsmouth first-time buyers earn one of the highest average salaries (£37,778), while they make up a 56% proportion of buyers in the city. However the average purchase price is higher than in many other cities, at £234,629.
First-time buyers in Coventry benefit from reasonable purchase prices and steady house price growth of 4% per annum, with an average deposit of £39,518, making it more attainable than most other cities.
Commuter towns Southend (48th), Maidstone (49th) and Basildon (50th) are the least attractive areas for those looking to get on the property ladder with high property prices, low house growth potential and a lack of local affordability making it hard for first-time buyers to buy there.
The research is contained in Aldermore’s First Time Buyer Appeal Index.
