A Scottish city has once again been named the top choice for first-time buyers looking to step onto the property ladder, marking its fourth consecutive win in this ranking.
Glasgow has secured the leading position in the Aldermore First-Time Buyer (FTB) Appeal Index, which evaluates various factors beyond just house prices and deposits, including commute convenience, local amenities, and the presence of young residents.
With an average first-time buyer price of £168,828 and an average deposit of £31,856, Glasgow stands out with a projected annual price growth of 6.8%, contrasting with the UK average house price of £269,000 as per official data.
The city also boasts the highest percentage of 25 to 35-year-olds among its residents, a thriving local business sector, and expanding job prospects.
However, other Scottish cities have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle, which have climbed to second and third place respectively.
Southern commuter towns and coastal areas continue to be less affordable, with Maidstone, Basildon, Southend, and Chelmsford ranking lowest in terms of first-time buyer appeal.
Jon Cooper, Aldermore’s director of mortgages, emphasized the consistent dominance of Glasgow and northern cities in the rankings, acknowledging the ongoing affordability challenges, particularly in southern England.
Cooper also welcomed the recent proposed changes in UK mortgage rules by the FCA, aiming to facilitate opportunities for first-time buyers and self-employed individuals aiming to enter the property market.
He advised first-time buyers to engage with brokers for assistance in navigating the property purchase journey, ensuring they secure the best deals efficiently and reduce stress throughout the process.
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