For the third year running, Glasgow has been named as the best place to buy for first-time buyers (FTBs), according to Aldermore’s ‘First Time Buyer Appeal Index’.
The Appeal Index analysed over 50 cities across the UK, and looked at 10 indicators across two key pillars to assess FTB desirability – these being property and lifestyle.
Scottish cities continued to offer the best options for first-time buyers looking to lay down their roots, with Glasgow claiming the top spot.
The city boasted a strong population of 25 to 35-year-olds, the highest share of sales from first-time buyers of all the cities analysed (64%), and an average selling price of £155,562.
Glasgow also has a significant number of amenities due to its diverse nightlife and offers a significant number of job opportunities for highly skilled workers (61% of the workforce are graduates).
However, the Appeal Index revealed there are some downsides such as a higher than average commute of 20 minutes.
Rounding out the top ten, Glasgow was trailed by Dundee, Aberdeen, Swansea, Manchester, Liverpool, Newcastle, Edinburgh, Derby and Leeds.
Coventry, which placed 13th, and Portsmouth, which placed 11th, climbed 16 and 14 places respectively.
Portsmouth scored particularly high on the lifestyle pillar with FTBs earning one of the highest average salaries (£37,778) and enjoying good local amenities.
FTBs also made up a good proportion of sales in the city (56%) although the average purchase price is higher than in many other cities (£234,629).
First-time buyers in Coventry had reasonable purchase prices and steady house price growth (4% per annum) with an average deposit of £39,518, making it more attainable than most other cities.
Jon Cooper, director of mortgages at Aldermore said: “Buying your first property remains a major life goal for millions of people across the country, despite the many challenges of getting on the housing ladder.
“Our Appeal Index demonstrates there are buying opportunities in every region, with cities offering different attributes for first-time buyers.
“Even with the significant market and political uncertainty our insights show there are still options available for first-time buyers hoping to realise their dream.
“Would-be buyers should plan carefully to ensure they are prepared for the range of costs involved and should seek advice from a broker, who can help guide them through the process and navigate the complexity of the process.”
