Recent Posts
- Half of parents wish they could help children buy a home and 1 in 4 feel guilty they can't
- New Homes Quality Code Review
- Only 40% of UK adults know what conveyancing is
- Almost 2 million aspiring homeowners don't think they'll follow in the footsteps of their parents - the generation gap worsens
- Get a 25% boost on your savings with a Cash Lifetime ISA
The best cities for first time buyers
Would you move if it meant you could get on the property ladder? Here’s the five best cities for first time buyers to get a home. Plus the five places to avoid.
March 20, 2019
When you are thinking about buying a property you need to consider where you can afford and if your salary will secure you the mortgage you need. Moneysupermarket’s new First Time Buyer Index has analysed 35 UK cities against key criteria including the cost of a one-bed property, crime statistics, job opportunities and average salaries in the local area.
“Buying a property for the first time is exciting, but it comes with the hard decision of choosing a location that suits your budget, your job and your lifestyle. With lots of factors – such as house prices and career opportunities – to take into consideration, it can be a daunting task,” says Kevin Pratt, consumer affairs expert at MoneySuperMarket.
“What is crucial is that people take the full range of factors into account. Are they willing to move to another city in search of higher pay, so they can get a foot on the housing ladder? Or do family ties and other commitments mean they’ll stay put and forego the chance of owning a property, at least in the short time.”
1. Oxford comes out on top
The First Time Buyer Index names Oxford as the best city for first time buyers. The town famous for dreamy spires and fictional murders offers higher than average salaries. The average household disposable income is an impressive £28,000. It also has good job opportunities and a great location within the commuter belt for London
2. Bath
Second place goes to Bath because it has the highest job availability of all the cities Moneysupermarket analysed with 13.76 vacancies per 100 people living there. There are also several big companies with headquarters close to the Bath such as Clark’s Shoes, Screwfix and Future Publishing.
3. Wolverhampton
This midlands city takes third place due to its high marks for affordable housing. The average one-bedroom property costs just £97,821, significantly lower than the national average of £134,561.
4. York
The beautiful walled city has been awarded fourth place despite not being that cheap – the average one-bed costs £155,000. But, it has a low rate of burglaries at only 6.9 per 100 people. Residents also enjoy a relatively high disposable income at £17,663 per household.
5. Aberdeen
Scotland makes it onto the list in fifth place with Aberdeen beating Glasgow by 17 places. This is down to a higher average disposable income and good average house prices of £164,041.
And the places for first time buyers to avoid…
1. London
No-one will be surprised to hear that London’s sky-high property prices has put it in the number one spot for the worst cities for first-time buyers. The average one-bedroom property in the capital costs a whopping £513,084 meaning first-time buyers would also have to stump up £15,654 in stamp duty.
London also did badly when it came to crime with 18.5 claims for theft on contents insurance policies per 1,000 quotes.
2. Newry
The Northern Irish city came second-to-lase due to scoring lowest for job opportunities. It also ranked ninth lowest for household disposable income and salaries are well below the national average. Sorry Newry residents.
3. Hull
It may have been the UK’s City of Culture in 2017 but limited job opportunities mean Hull is not appealing to first-time buyers. It also has lower than average salaries.
4. Sheffield
The Steel City earned a place in the top five worst cities for first-time buyers thanks to its lower than average job opportunities and a high burglary rate.
5. Leicester
An average disposable income of £12,877 in Leicester is less than half what Oxford residents enjoy and puts the city in fifth place on the worst cities list.
Advice for first-time buyers
Hoping to buy your first home? We have a wealth of information to help you including:
- Step-by-step guide to buying a home
- Can I afford to buy a home?
- What type of mortgage should I get?
- How the government can help you buy a property
- How to make a successful mortgage application
- The hidden costs of buying a home
-
Sign up to our FREE weekly newsletter
for the latest news, advice and exclusive money saving offers
Looking for fee free mortgage advice?
We’ve teamed up with the UK’s leading fee-free mortgage broker to provide you with expert advice.✓ UK’s leading fee free mortgage broker
✓ Compare 1000s of mortgages
✓ Fully qualified advisers
Buying a home? We’re here to help!
✓ First time buyer?
✓ Need advice on estate agents?
✓ Stressed about moving?
We can help you through the key stages of buying a home
Read our step-by-step guide >Mortgage Rates
Whether it’s your first mortgage, a remortgage or just to check you’ve got the right rate
Check out our Best Buy mortgage rates today >>>
Buying a home? Protect your money
If your purchase falls through, HomeBuyers’ Protection Insurance helps cover up to £1,500 towards:
✓ Legal costs
✓ Survey costs
✓ Mortgage lending costs
Call now for fee free mortgage advice
✓ UK’s leading fee free mortgage broker
✓ Compare 1000s of mortgages
✓ Fully qualified advisers
Call free on
0800 073 2326
Fully qualified advisers available 7 days a week
……………………………………..
Compare conveyancing quotes in a few simple steps
Simply complete our online form to receive instant quotes from quality assured solicitors and licensed conveyancers, ranked by best price, customer satisfaction rating and location.
-
Sign up to our FREE weekly newsletter
for the latest news, advice and exclusive money saving offers