The 10 most popular locations for first-time buyers revealed – do YOU live in one of the hotspots?

Manchester is now the preferred location for first-time consumers exterior of London, a research by Halifax has revealed.

The mortgage lender analysed areas of the nation exterior of London the place first-time consumers account for the largest proportion of residence gross sales.

At a nationwide stage, first-time consumers accounted for 49 per cent of all houses purchased with a mortgage final 12 months, based on Halifax.

However in Manchester, Halifax discovered that first-time consumers accounted for 3 quarters of all residence purchases made with a mortgage. 

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The town is well-known for its younger and vibrant inhabitants, cool bars, cafes and eating places.

It has a pupil inhabitants of over 100,000, roughly half of whom select to stay within the metropolis after commencement, based on one research – solely London has the next retention fee.

A robust jobs market, good transport hyperlinks, wealthy cultural scene, and ongoing city regeneration make it a sexy location for a lot of first-time consumers. 

The town has undergone considerably of a metamorphosis over the previous twenty years, with massive numbers of 30-60 storey glistening condo blocks now dominating the skyline, usually outfitted with swimming swimming pools, gyms and underground automobile parks. 

However alongside its enchantment as a enjoyable and classy place to stay, it additionally presents loads of reasonably priced housing, based on Halifax.

The common first-time purchaser property worth is £212,891 in Manchester, which is round £35,000 beneath the British common.

The town additionally presents a selection between metropolis centre fashionable flats and conventional terraced homes in suburban neighbourhoods, catering to completely different tastes and budgets.

Manc-hattan: The town has undergone a metamorphosis over the previous twenty years, with massive numbers of 30-60 storey glistening condo blocks now dominating the skyline

Nick Stanton, space assist supervisor at Bridgfords property company in Manchester mentioned: ‘We now have seen round a fifth extra first-time consumers registered versus final 12 months which is constructive and it appears any property that involves market ‘vacant’ is being taken by a brand new house owner. 

‘Manchester has every thing a first-time purchaser may need. There are many flats and homes which might be reasonably priced and available, and entry to town has by no means been simpler and can proceed to be improved. 

‘Manchester is a shining instance of a vibrant, formidable, multi-cultural and thrilling metropolis and demand has by no means been greater.’

Manchester has additionally skilled important financial progress and enterprise funding lately opening up new job alternatives.

Andrew White of business actual property agency Colliers mentioned: ‘We have witnessed a number of massive companies and authorities our bodies shifting their headquarters to town (Manchester) within the final 5 years, corresponding to, JP Morgan, Octopus Power and Rolls Royce, which has naturally resulted in elevated demand for houses, and bolstered important home worth progress within the metropolis.’ 

The opposite first-time purchaser sizzling spots

Regardless of a housing market characterised lately by excessive property costs and costlier borrowing prices, Halifax says that first-time purchaser hotspots are proving resilient, with numerous components driving their reputation.

Slough is the second hottest location exterior of London amongst first-time consumers who account for 73 per cent of all properties bought there.

Over current years there’s been important funding in regeneration initiatives within the city, together with new residential, retail and leisure developments. 

Halifax says the mix of reasonably priced costs, sturdy transport hyperlinks and employment makes Slough so widespread. 

The common property worth within the city for first-time consumers is £322,961, round £75,000 above the British common, however nonetheless nicely beneath the typical of close by London (£490,235). 

It has glorious rail connections into London, together with through the Elizabeth line, and is situated simply 10 miles from Heathrow. 

It’s due to this fact a sexy possibility for professionals seeking to commute, and for rising households after more room exterior of the capital.

There may be additionally a robust employment market within the city itself. Forming half of what’s generally dubbed the ‘UK’s Silicon Valley’ alongside the M4 hall, it is quick changing into a hub for giant knowledge centres, bringing hi-tech jobs to the world.

The third hottest location is Sandwell within the West Midlands, the place first-time consumers additionally made up 73 per cent of all properties bought with a mortgage final 12 months.

Properties in Sandwell are considerably cheaper than the British common at £179,058 and likewise round £40,000 beneath the typical for the West Midlands (£221,307).

This a part of the Black Nation is well-connected by main highway networks, together with the M5 and M6 motorways, and with good prepare hyperlinks to Birmingham and Wolverhampton, making it a super location for commuters.

Sandwell can be one other space that has undergone important financial regeneration and enterprise funding over current years. 

The borough additionally boasts 1,200 hectares of parks and inexperienced areas, making it significantly widespread with younger households.

Amanda Bryden, head of mortgages at Halifax mentioned: ‘First-time consumers are sometimes extra prepared to relocate to new areas in pursuit of discovering the perfect residence inside their monetary attain. 

‘This flexibility opens up a broader vary of prospects and may result in extra reasonably priced housing choices.

‘Shopping for your individual residence stays probably the greatest long-term monetary selections you can also make, and throughout the UK a number of places stand out for his or her enchantment to first-time consumers. 

‘Notably, Manchester, with its numerous property kinds and vibrant cultural scene, has develop into a magnet for these taking their first steps into homeownership.’