Glasgow has once again been named the top city for first-time buyers, securing its position for the fourth consecutive year, according to the latest Aldermore First-Time Buyer (FTB) Appeal Index. The ranking considers factors beyond house prices and deposits, including commute times, local amenities, and the presence of young residents.
With an average first-time buyer price of £168,828 and a deposit of £31,856, Glasgow stands out with a projected annual price growth of 6.8%. In comparison, the average house price in the UK is £269,000. Glasgow also boasts the highest percentage of 25 to 35-year-olds among all cities, a thriving local business sector, and increasing job prospects.
However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle to claim the second and third positions. On the other hand, southern commuter towns and coastal areas such as Maidstone, Basildon, Southend, and Chelmsford are deemed the least affordable for first-time buyers.
Jon Cooper, the director of mortgages at Aldermore, emphasized that while affordability challenges persist, opportunities exist for first-time buyers. He welcomed the proposed mortgage rule changes by the FCA, aiming to facilitate home ownership for FTBs and self-employed individuals. Cooper recommended engaging a broker to navigate the property buying process efficiently, emphasizing the value of expert guidance in securing the best deals.
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