Luton tops the list of hotspots for first-time buyers
Property portal Zoopla has revealed the UK hotspots where first-time buyers are putting down roots.
Luton in Bedfordshire takes the top spot as the most popular town in the country for people purchasing their first home. The typical price of a house in Luton for a first-time buyer is £250,000, and requires a deposit of £37,500 (15%) on average.
Wolverhampton comes in at second place, with an average first-time buyer house price of £145,000. To buy a house at this price, house-hunters would need a deposit of £21,750.
More generally, the West Midlands is proving a popular spot for first-timers, with Sandwell, Coventry and South Staffordshire – all within a 30-minute drive to Birmingham – also featuring in the top 20.
Meanwhile, Barking and Dagenham is London’s first-time buyer hotspot, coming in at third place in the overall list, with entry-level house prices starting at around £325,000.
House-hunters looking to buy their first home in this area are likely to need a deposit of £48,750 and a combined household income of £61,000 – quite a lot higher than the requirements in other parts of the country.
London locations occupy ten of the top 20 most popular areas – these include Hackney, Islington and Tower Hamlets.
Top hotspots for first-time buyers:
The top hotspots for first-time buyers in the UK, and the average first-time buyers’ house price in each area:
Islington is the most expensive first-time buyer hotspot in the capital, requiring a deposit of £78,750 and income of £99,000 to afford a typical house price of £525,000.
Gráinne Gilmore, head of research at Zoopla, said: ‘First-time buyers remain one of the largest cohorts of purchasers across the country, and our data shows that they remain very active within the capital.
‘There is noticeable activity across the wider commuter zones into the East of England too, perhaps reflecting different commuting patterns for office-based workers.
‘The hotspots in the West Midlands reflect activity in this market more widely, but also underlines how the increased affordability of housing in these markets is appealing to those climbing onto the housing ladder.’
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