Entering into the property market is not an easy thing to achieve. Many changes have been made to help first-time buyers get onto the property ladder, but substantial deposits and expensive mortgages still make it less likely that UK millennials will own their own homes compared with their French, Canadian and American counterparts.
In spite of these difficulties, the number of first-time buyers appears to be increasing. However, some cities are better than others for investing in your first home.
Manchester
Whilst places such as London seem out of reach for many due to prices being as high as the sky line, cities such as Manchester boast much greater levels of affordable housing. With more than 80% of properties in the city being in the reach of first-time buyers, it has become one of the UK’s top places to get onto the property ladder.
As well as an average house price of just over £153,000, buyers are also drawn by the numerous transport links, two major universities, and a thriving social scene. The creative, technology and design sector has a strong presence in Manchester which draws a number of graduates, young professionals and students alike.
The recent relocation of the BBC to MediaCityUK in Salford has also brought many of the country’s young creatives with it.
Southampton
Almost all housing in Southampton is classed as affordable, with the average house price being just under £100,000. This internationally renowned city has connections by land, sea and air, not just to the UK but also to the rest of the world. The combination of universities and a strong cultural landscape, Southampton regularly features in HSBC’s top 10 places for property investors.
Southampton is considered to be one of the greenest cities in the country, making it very attractive to professionals and young families. The naval history of the city can still be seen thanks to the port and marina, whilst the teaching hospital, universities and theatres continue to draw a varied population.
Birmingham
Birmingham may be the UK’s second city, but it does not boast the prices of the first. With an average property price of £165,000, Birmingham offers all the hustle and bustle of a big city without the price tag. This is a city with a strong cultural identity with some of the biggest music and theatre venues in the country.
Birmingham’s central location gives it enviable transport links, and its excellent schools make it a top pick for young families or those looking to have children. With 79% of housing in the area classed as being affordable for first time buyers, it is a city that is difficult to resist.
Newcastle
Newcastle has long been known for its thriving social life, but with 72% of homes being affordable, it is now seen as a great place to buy your first property. The increased retail sector as well as galleries, restaurants, cultural venues and sports facilities have made it an attractive destination, which has been boosted by the excellent reputation of its schools.
With properties ranging from Victorian to contemporary, Newcastle has something for every type of buyer.
Cardiff
Cardiff is a bustling city, and as the capital city of Wales it offers average property prices of £191,000.The combination of a beautiful scenery coupled with cosmopolitan living makes it a highly sought after destination. Cardiff has been voted one of the top three European capitals, largely thanks to the significant levels of regeneration that have taken place in recent years. BBC Cymru Wales and a number of other television production companies have made it their home and the first-time buyers are following.
Sheffield
Formerly known as the ‘city of steel’, Sheffield now has a strong environmental reputation as it is considered to be the greenest city in Europe. It is an area with 74% of affordable homes, despite being the fifth biggest city in the country. Sheffield is also seen to be a happy place, as a recent survey revealed its workers to be the happiest in Britain.
Whilst some areas seem to be pricing first-time buyers out of the market, it is clear there are a number of cities that provide all the benefits of city life at a much more affordable level.
Author Bio
Hopwood House are property investment specialists, offering a wide range of services to investors including currency exchange, property sales and buy-to-let mortgages.
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Daniel Peacock