The locations of Hull, Middlesbrough, Falkirk, and Blackburn have been unveiled as “emerging” areas where first-time buyers might want to embark on their journey on the property ladder.Thank you for reading this post, don't forget to subscribe!
Halifax, which compiled the list, stated that the survey results suggest that almost six in 10 (61%) young adults who have yet to purchase a home are likely to relocate to a different region of the country in order to enter the housing market. They will be ready.
The bank discovered that nearly half (44%) of potential buyers who are looking to enter the housing market for the first time are now researching locations that they may not have previously considered due to the cost of living crisis.
Two-fifths (40%) stated that they are exploring more affordable, emerging areas to relocate to.
However, an equal proportion (41%) believe that the location of their first home is more important than the property itself.
According to Halifax (Jane Barlow/PA), Aberdeen is one of the locations first-time buyers should consider.
Higher mortgage rates have caused four in 10 (41%) prospective homebuyers to delay their plans by an average of four years.
Over half (55%) will reassess the type of property they wish to purchase.
In August, Censuswide surveyed 3,000 individuals between the ages of 18 and 34 across the UK who have not purchased any property.
Halifax also conducted an analysis to identify locations with lower average home purchase prices compared to the surrounding area, in order to pinpoint potential hotspots for first-time buyers.
In addition to house prices, the bank also took into consideration survey findings regarding the priorities of first-time buyers when compiling its list, including proximity to major cities, access to reputable schools, closeness to green spaces, and local regeneration efforts.
Kim Kinnard, mortgage director at Halifax, stated: “Despite fluctuations in house prices, the desire to buy a first home remains strong, with almost nine in 10 young people eager to enter the property market.
“There is a desire among individuals under 35 to consider more affordable areas, so we have identified emerging locations that potential first-time buyers can explore.”
Below is a brief list of the emerging local authority areas for first-time buyers, as provided by Halifax, including the average purchase price for first-time buyers, followed by the percentage difference between that and the average price in the wider location. Other factors such as house prices and local amenities were taken into account when compiling the list. Halifax clarified that it did not rank locations from one to 10 due to the variety of priorities that individual buyers will consider when selecting a location:
– Kingston upon Hull, North East England, £156,509, minus 23%
– Middlesbrough, North East England, £156,761, minus 11%
– Neath Port Talbot, Wales, £158,702, minus 20%
– Derry City and Strabane, Northern Ireland, £160,636, minus 8%
– Falkirk, Scotland, £165,511, minus 12%
– Blackburn with Darwen, North West England, £168,895, minus 21%
– Aberdeen City, Scotland, £173,061, minus 8%
– Telford and Wrekin, Midlands, £213,741, minus 10%
– Ipswich, eastern England, £249,338, minus 25%
– Eastbourne, South East England, £253,744, minus 29%