Halifax unveils Britain’s most popular locations for new homeowners and what makes them appealing choices for buyers
New research based on data from the Halifax House Price Index, has revealed Britain’s hottest locations for first-time buyers outside of London. While at a national level, first-time buyers account for around half (49%) of all homes bought with a mortgage, in these hotspots first-time buyers comprise 70% of the market or more.
Most popular first-time buyer locations (outside London)
When it comes to the hottest locations for new homeowners, Manchester is top of the list, with first-time buyers comprising a whopping 75% of all buyers and an average first-time buyer sale price of £212,891.
Slough in the South East and Sandwell in the Midlands came in at second and third, both with 73% of first-time buyers and asking prices of £322,961 and £179,058 respectively, while Leicester/Oadby came in fourth, with 72% and an average asking price of £218,900.
Factors driving the popularity
While affordability is key when it comes to getting on the property ladder, other factors also make these locations stand out for first-time buyers, including excellent transport links, strong job markets, great local amenities, and vibrant cultural and entertainment scenes.
Manchester, for example, which tops the list, has experienced significant economic growth and business investment, particularly in sectors such as technology, finance and media, which has opened new job opportunities. Slough’s excellent rail connections into London (including the Elizabeth Line) make it an appealing choice for those needing to commute to the capital.
Open to relocation
‘First-time buyers are often more willing to relocate to new areas in pursuit of finding the ideal home within their financial reach,’ says Amanda Bryden, Head of Halifax Mortgages. ‘This flexibility opens up a broader range of possibilities and can lead to more affordable housing options.
‘Buying your own home remains one of the best long-term financial decisions you can make, and across the UK several locations stand out for their appeal to first-time buyers. Notably, Manchester, with its diverse property styles and vibrant cultural scene, has become a magnet for those taking their first steps into homeownership.’