Despite being dubbed an ‘island of despair’ by some, Slough has emerged as a popular destination for first-time buyers in the UK. With affordable prices and good transport links, the town offers an attractive proposition for those looking to get on the property ladder.
Brent in northwest London has become the most popular borough for first-time buyers, with 77% of homes sold to them in the first half of 2024. This is despite some negative perceptions, as the borough offers a diverse community, green spaces, and good transport links, all within a reasonable distance from central London.
Georgia Ray and Molly Carpenter, a young couple, share their experience of buying their first home in West Sussex. They highlight the importance of saving, the benefits of a new build, and the joy of creating a space they can truly call their own.
Jake Cohen and his partner Sean secured a spot on the property ladder before the age of 30 through a strategic approach that featured saving consistently, taking advantage of a Lifetime ISA, and utilizing a mortgage broker. Jake’s new build in Greater Manchester boasts an open kitchen with French doors, a neutral color palette, and smart lighting. The couple has plans to enhance the garden space and are exploring the potential of a shed for storage.
St Albans, a historic city nestled in Hertfordshire, has emerged as the most expensive city for first-time buyers outside London. With its charming streets, stunning landmarks, and excellent amenities, it offers a desirable living experience albeit at a premium price. The average asking price for a property in St Albans stands at £635,680, while terraced homes, the most sought-after property type, command an average price of £556,293. For those seeking a flat, the average cost is £391,964, resulting in a typical monthly mortgage payment of around £1,454 for a 35-year term.
Aberdeen has been identified as the most affordable city in the UK for first-time buyers, according to a study by property website Rightmove. The average asking price for a two-bedroom or smaller property in the northeast Scottish city is £102,601, making it the cheapest option for those looking to get on the property ladder. With a 20% deposit, a typical first-time buyer in Aberdeen could expect to pay around £406 per month in mortgage costs. Carlisle follows as the second most affordable option, with average asking prices of £111,268. Bradford and Sunderland are also among the top five most affordable cities for first-time buyers, with average asking prices of £107,929 and £111,263 respectively.
