Stepping onto the property ladder isn’t easy in this day and age. House prices are ever-increasing and thanks to the cozzie livs, saving up for a mortgage in the first place is not easy. If only we could give up all the Netflix and avo toast, eh?
But while loads of us are stuck in flatshares for the forseeable, plenty of people do in fact have enough saved up to buy their first homes. And turns out, they’re flocking to Manchester more than anywhere else.
New research from mortgage lender Halifax has revealed that first-time buyers made up 75 percent of house purchases (bought with a mortgage) in the city last year, making it UK’s official hotspot for first-time home buyers. That’s up from 65 percent in 2020.
The study revealed that the average price for for first-time buyers in Manc in 2023 was £212,891, just a little bit below the national average of £247,800 (excluding London). Across the rest of the country, besides London, first-timers represent 49 percent of house purchases.
Halifax said: ‘Manchester is now the first-time buyer capital of Britain. With its youthful and dynamic population, Manchester's blend of more affordable property prices, robust employment opportunities, excellent transport connections, a thriving cultural scene, and continuous city regeneration makes it a magnet for first-time buyers.’
Amanda Bryden, head of Halifax Mortgages, said: ‘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.’
Researchers named nine other places as ‘hotspots’ for those popping their property-buying cherry, including Slough, Leicester and Reading. And things in the capital aren’t totally bleak — first timers made up 77 percent of all purchases in this London borough.
These are the UK’s top 10 hotspots for first-time home buyers, according to Halifax:
- Manchester
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Slough
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Sandwell
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Leicester/Oadby
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Reading
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Thurrock
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Dartford
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Knowsley
-
Wolverhampton
-
Luton
Time Out in Manchester
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