Harlow, Knowsley and Stratford-on-Avon have been identified as the UK’s fastest-growing hotspots for first-time buyers, according to new analysis of ONS and FCA data by Barratt Homes.
The First-Time Buyers Report found mortgage applications in Harlow rose 87% over the past 10 years, while Knowsley and Stratford-on-Avon recorded increases of 82% and 74% respectively.
Other areas showing strong growth include Nuneaton and Bedworth (+72%), Preston (+70%) and Braintree (+63%).
Newport recorded a 61% increase, with Dartford and Malvern Hills both at 58%, followed by Winchester (+57%) and Broadland (+55%).
The report, based on 10 years of mortgage data and a survey of 2,000 homeowners, highlighted wider market trends.
Northern Ireland saw a 27% rise in first-time buyers, while London was the only region to record a decline, down 15%.
Lower interest rates and increased competition among lenders were cited as key factors supporting demand, though one in five buyers remain unaware of support schemes available to them.
Steve Mariner, group sales director at Barratt Redrow, said: “Following the cuts made by the Bank of England to the UK’s interest rate this year, we’ve seen mortgage rates continue to drop, with plenty of lenders competing with more competitive, lower rates.
“This has helped to open up homeownership to new buyers.”
