Glasgow Secures Top Spot Again for First-Time Buyers
For the fourth consecutive year, Glasgow has been named the premier city for first-time buyers, as per the Aldermore First-Time Buyer (FTB) Appeal Index. The ranking considers not only house prices and deposits but also factors crucial to new buyers like commute times, local amenities, and the presence of young residents.
With an average price of £168,828 for first-time buyers and a typical deposit of £31,856, Glasgow stands out with a projected annual price growth of 6.8%. In comparison, the average house price across the UK is £269,000.
Glasgow’s appeal extends beyond affordability, boasting the highest percentage of 25 to 35-year-olds among all cities, a thriving local business community, and expanding job opportunities.
Meanwhile, other Scottish cities have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle, which have risen to second and third place, respectively.
Conversely, southern commuter towns and coastal areas remain less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Jon Cooper, Aldermore’s director of mortgages, noted the continued dominance of northern cities in the rankings and acknowledged the affordability challenges faced by buyers in southern England. He highlighted the importance of engaging a broker to navigate the property buying process efficiently and secure the best deals.
The recent proposed UK mortgage rule changes by the Financial Conduct Authority (FCA) were welcomed by Aldermore, aiming to facilitate access to the housing market for first-time buyers and the self-employed.
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