Glasgow is the UK’s best city for first-time buyers, according to Aldermore.
Scotland’s second-largest city topped the specialist bank’s first-ever first-time buyer attractiveness index, which ranked 50 UK towns on ten property and lifestyle metrics, such as average FTB selling price , FTB as a share of local sales, average full-time salary, and even restaurants and pubs per 10,000 people.
Glasgow scored 78 out of 100 on these measures.
Scottish towns performed well in the poll, taking four of the top five spots. Dundee (with a score of 69) came second, followed by Aberdeen (65), Liverpool (also 65) finished fourth followed by Edinburgh (64).
On Glasgow, the report says: “Opportunities to move up the property ladder are promising, with an average sale price for first-time buyers of £141,644 and an annual property price increase of 6.5%. FTBs manage to get their foot on the real estate ladder, accounting for 64% of sales in the city.
But added that the city’s lifestyle scores “did worse”.
He says: “With more than a quarter, or 28%, of the population between the ages of 25 and 35, the city offers attractive job prospects for young shoppers, with graduates making up 52% of the workforce. work, earning an average of £32,604 in full-time pay. However, longer journey times – 20 minutes on average – and lower life satisfaction have limited Glasgow’s appeal from an FTB perspective.
In contrast, no southern city made the index’s top ten “largely due to a lack of affordable FTB options.”
The study says, “This saw the South overrepresented at the bottom of the index, even though these cities’ lifestyle and wellbeing scores were relatively high compared to the broader index.”
The highest ranked southern cities are Portsmouth (13th with a score of 57), Southampton (19th with a score of 53), Norwich (22nd with a score of 50), Cambridge (25th with a score of 50) and Bristol (26 with a score also of 50).
London came 40th with a score of 42, while the lowest ranked cities were Basildon (48th with a score of 34), Chemesford (49th with a score of 31) and Maidstone (50th with a score of 25).
Jon Cooper, Head of Mortgage Distribution at Aldermore, said: “While some of the lower towns on our index may have a lot to offer in terms of lifestyle, for many young buyers in these areas, higher prices could make owning your own home unaffordable.
“The past two years have highlighted the fact that for many people, finances are not always straightforward. Having gaps in employment, less than perfect credit or irregular income should not penalize borrowers or prevent them from owning their own home.
The Aldermore First Buyer Appeal Index was designed by data company Opinium and uses a range of secondary data sources which include the Office for National Statistics, Census, NOMIS and other official home market statistics. lodging.