8 Oct 2024
Most popular areas for first time buyers to buy
Recent research from Halifax has revealed the most sought-after locations for first time buyers in Britain.
The data which was taken from the Halifax House Price Index looked at areas outside of London where those looking to purchase their first property were buying. Despite high property prices, and increased rates, these first time buyer hotspots have remained popular.
Manchester comes in at the top spot for first time buyers accounting for 75% of all mortgage-financed first time buyer homes in the city in 2023. Halifax reported the popularity was due to affordable housing, a positive job market, good transport, and a vibrant cultural scene. The average price for a home in Manchester is £212,891 which is around £35,000 below the national average.
The second most popular place was Slough in Berkshire. This makes up 73% of mortgage-financed first time buyer purchases last year. Halifax reported Slough’s popularity is due to substantial investment in regeneration projects and its excellent transport links to London. The average property prices are £322,961 which is lower than London’s average but higher than the national average.
Thirdly comes Sandwell located in the West Midlands which also saw 73% of mortgage-finances purchases last year. The area boasts affordability with the average first time buyer property cost of £179,058, as well as good transport connections.
Here are the top 10 most popular first time buyer areas and their average first time buyer price:
| 1) Manchester | £212,891 |
| 2) Slough | £322,961 |
| 3) Sandwell | £179,058 |
| 4) Leicester/Oadby | £218,900 |
| 5) Reading | £302,616 |
| 6) Thurrock | £286,391 |
| 7) Dartford | £314,090 |
| 8) Knowsley | £157,139 |
| 9) Wolverhampton | £172,554 |
| 10) Luton | £245,207 |
There are lots of schemes available to first time buyers, and some high street lenders have also introduced products to increase the loan-to-income multiple for first time buyers who are eligible from 4.5 to 6 times their combined income.
If you are a first time buyer and would like more information get in touch with our friendly team: 01628 507477 or email team@mortgagerequired.com
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