UK's 10 most popular property hotspots named - do you live in one of them?
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Manchester is the most popular city for people jumping on the property ladder, new data has revealed.
It is estimated that first-time buyers accounted for 75 per cent of home purchases with a mortgage last year, up from 65 per cent in 2020.
Halifax drew on data from areas, excluding London, where first-time home buyers account for the biggest proportions of home sales.
The major lender mapped out the most popular hostpots in the UK for first-time buyers based on mortgage approval records.
The top ten hotspots for first-time buyers have been named
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Despite the housing market seeing high property prices and expensive borrowing costs in recent years, first-time buyer hotspots are proving resilient.
The factors driving the popularity of Manchester include its younger and vibrant population, coupled with affordable housing.
It also boasts a strong jobs market, excellent transport links, a rich cultural scene and ongoing regeneration.
The data showed that other popular locations among first-time buyers include:
Toby Leek, NAEA Propertymark President, commented: “It is positive to see such an uplift in the number of first-time buyers having the confidence and ability to approach the housing market.
“Getting a foothold on the housing ladder is a massive undertaking and has been even more so considering all the economic turbulence of the last few years.
“With Parliament now back in session, it’s vital the UK Government share their timetable on tackling current issues and especially concerning what future support may be offered to those who aspire to buy.
“Across the UK, there is a significant mismatch between housing supply and actual demand, and this factor can contribute towards high prices in certain areas.
“It would be welcome news for first-time buyers to see the UK Government’s ambition of near two million new properties across the next five years spring into life to help ease current pressures.”
Head of Halifax Mortgages, Amanda Bryden, said first-time buyers are typically Manchester’s diverse property styles have made it more attractive to first-time buyers.
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First-time buyers are flocking to Manchester
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“Deciding when and where to buy your first home is a deeply personal choice.
“While saving for a deposit and navigating higher interest rates pose a significant challenge for many prospective homeowners, life often intervenes and major milestones such as starting a new job or beginning a family can sway the decision.
“First-time buyers are often more willing to relocate to new areas in pursuit of finding the ideal home within their financial reach.
“This flexibility opens up a broad range of possibilities and can lead to more affordable housing options.”