Glasgow Secures Top Spot for First-Time Buyers for Fourth Consecutive Year

Glasgow has once again been named the best city for first-time buyers, maintaining its position at the top of the Aldermore First-Time Buyer (FTB) Appeal Index for the fourth year in a row.

The index evaluates various factors beyond house prices and deposits, including commute times, local amenities, and the presence of young residents. With an average first-time buyer price of £168,828 and an average deposit of £31,856, along with a projected annual price growth of 6.8%, Glasgow stands out as a favorable location. In comparison, the average house price across the UK stands at £269,000 according to official data.

Glasgow’s appeal is further highlighted by its high proportion of 25 to 35-year-olds, a thriving local business community, and increasing job opportunities. However, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities such as Liverpool and Newcastle, which now claim the second and third positions.

On the other hand, southern commuter towns and coastal areas continue to present affordability challenges, with Maidstone, Basildon, Southend, and Chelmsford ranking lowest on the list.

Jon Cooper, Aldermore’s director of mortgages, emphasized the ongoing dominance of northern cities in the rankings and acknowledged the affordability hurdles faced by buyers, especially in southern England. He also welcomed the proposed UK mortgage rule changes by the Financial Conduct Authority (FCA), aiming to facilitate home purchases for first-time buyers and self-employed individuals.

Cooper advised first-time buyers to engage a broker to navigate the property market efficiently, emphasizing the benefits of expert guidance in securing the best deals with minimal stress and time investment.