Top 10 first-time buyer UK hotspots
The London borough of Barking and Dagenham is most popular among those taking their initial step on the ladder, according to Zoopla which analysed demand among these buyers.
Far from focusing on bijou flats, first-time buyers in this part of outer-London look to maximise their budgets by typically looking at three-bedroom terraced houses worth £300,000.
In Manchester, Oldham is the top location for first-time home hunters, while Wolverhampton is favoured by those wanting to live and work in Birmingham, Zoopla found.
Leicester is the most popular location for first-time buyers in the East Midlands, where the average home value enquired about is £175,000.
Bristol tops the list in the South West and in Scotland, Midlothian is the most popular destination for those buying their first home.
Richard Donnell, research director at Zoopla, said: “First-time buyers are the largest buyer group in the housing market, accounting for close to two in every five sales. Low mortgage rates and increased availability of higher loan to value mortgages have supported the growth in first-time buyer numbers over the last five years. Much of the growth in first-time buyer numbers has been recorded in regional housing markets where the cost of buying remains attractive.
“Our analysis shows that first-time buyers are seeking out the most affordable areas which deliver the best value for money in terms of accessibility and property type and size. In the highest priced markets, first-time buyers are seeking two-bed homes but across large parts of the country first-time buyers are seeking out three-bed homes.”
Britain’s top 10 first-time buyer hotspots, according to Zoopla
|Area||Average Price of property FTBs inquire about||Most popular property type||Deposit required (15%)||Income required|
|1||Barking and Dagenham||£300,000||Three-bed terraced||£45,000||£56,667|
|2||Tower Hamlets||£425,000||Two-bed flat||£63,750||£80,278|
|5||City of Wolverhampton District||£145,000||Three-bed semi||£21,750||£27,389|