First-time buyers in Manchester paid an average of £212,891 for their first home, around £35,000 less than the national average, according to a study from Halifax. The proportion of sales to first-time buyers was up from a share of 65% in 2022.
The city was closely followed by Slough, where first-time buyers made up 73% of all purchasers, up from 54% previously. While the average property price was £75,000 above the national average, at £322,961, Halifax said its transport connections, proximity to London and strong employment market made it an attractive location.
With an average first-time buyer property price of £179,058, Sandwell was the third-most popular area for those getting onto the property ladder. Here, first-time buyers made up 73% of all house sales in 2023, slightly up on the 71% of sales in 2022.
Out of the 10 local areas recorded, Wolverhampton and Luton were the least popular regions for first-time buyers, where they made up 70% of all home purchases last year.
Excluding London, Halifax found that first-time buyers across Great Britain accounted for 49% of all home sales in 2023, paying £247,862 on average.
Amanda Bryden, head of Halifax Mortgages, said: “Deciding when and where to buy your first home is a deeply personal choice. While saving for a deposit and navigating higher interest rates pose a significant challenge for many prospective homeowners, life often intervenes and major milestones such as starting a new job or beginning a family can sway the decision.
“First-time buyers are often more willing to relocate to new areas in pursuit of finding the ideal home within their financial reach. This flexibility opens up a broader range of possibilities and can lead to more affordable housing options.”
She added: “Buying your own home remains one of the best long-term financial decisions you can make, and across the UK, several locations stand out for their appeal to first-time buyers. Notably, Manchester, with its diverse property styles and vibrant cultural scene, has become a magnet for those taking their first steps into homeownership.”
This research comes after the Lloyds Banking Group and Halifax entity announced it had allocated £2bn to help first-time buyers get onto the property ladder, with higher income multiples of five-and-a-half.
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Manchester most popular for FTBs making up three-quarters of all homebuyers