Manchester has been named as the country’s most popular location for first-time buyers outside of London, according to research from Halifax.
The research, based on data from the Halifax House Price Index, analysed the areas of the country, outside of the capital, where first-time buyers account for the biggest proportion of home sales.
Leading the list, Manchester saw first-time buyers account for 75% of all home purchases made with a mortgage last year, up from 65% in 2020.
The average first-time buyer property price is £212,891, which is around £35,000 below the British average.
Second on the list was Slough in Berkshire, where first-time buyers represented 73% of all properties purchased with a mortgage last year, up from 54% in 2020.
Over recent years there has been significant investment in regeneration projects in the town, including new residential, retail and leisure developments.
The average property price in the town for first-time buyers was £322,961, around £75,000 above the British average, but still well below the average of nearby London (£490,235).
Next up was Sandwell in the West Midlands, where first-time buyers also made up 73% of all properties purchased with a mortgage last year, compared to 71% in 2020.
Properties in Sandwell were significantly cheaper than the British average at £179,058 and also around £40,000 below the average for the West Midlands (£221,307).
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 continued: “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.”
Toby Leek, NAEA Propertymark President, added: “It is positive to see such an uplift on the number of first-time buyers having the confidence and ability to approach the housing market.
“Getting a foothold on the housing ladder is a massive undertaking and has been even more so considering all the economic turbulence of the last few years.
“With Parliament now back in session, it’s vital the UK Government share their timetable on tackling current issues and especially concerning what future support may be offered to those who aspire to buy.
“Across the UK, there is a significant mismatch between housing supply and actual demand, and this factor can contribute towards higher prices in certain areas.
“It would be welcome news for first time buyers to see the UK Government’s ambition of near two million new properties across the next five years spring into life to help ease current pressures.”
