LOCATION
Turbulent times have impacted the property market in recent years, but new data suggests things are finally on the up! Debbie Clark looks at how the tide is turning, and takes a closer look at the locations that have resiliently ridden the waves to become the most popular locations with first time buyers THE ROARING TWENTIES
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 broader range of possibilities and can lead to more affordable housing options.” But where are first time buyers buying in the 2020s? New research by Halifax has revealed Britain’s hottest locations for first time buyers, with Manchester topping the table. The research, based on data from the Halifax House Price Index, analysed the areas of the country (outside of London) where first time buyers account for the biggest proportion of home sales. Popular areas are spread across the country, so what is the appeal of these property hotspots? MANCHESTER First time buyers accounted for 75% of all home purchases made with a mortgage last year in Manchester, up from 65% in 2020. The city offers diverse housing stock and very favorable property prices, with an average first time buyer property price of £212,891, around £35,000 below the British average. This, combined with a strong jobs market, excellent transport links, a rich cultural scene and ongoing urban regeneration make it an understandably attractive location. SLOUGH Up from 54% in 2020, first time buyers in Slough, Berkshire, represented 73% of all properties purchased with a mortgage last year as a result of significant investment in regeneration projects in the town, including new residential, retail and leisure developments. The average property price in the town for first time buyers is £322,961, around £75,000 above the British average,
recovery. The UK has seen an estimated 5,337,000 residential transactions so far this decade; equivalent to an average of 1,186,000 per year – a 7.5% increase versus the previous decade Gemma Young, Moverly CEO, says, “These positive figures come despite the fact that the property market has had to weather a period of prolonged uncertainty spurred by higher interest rates, and now that we’ve weathered the storm and are heading in the right direction, the market looks set to continue performing well over the coming years.” At a national level, first time buyers account for around half (49%) of all homes bought with a mortgage, but in the most popular areas for first time buyers that figure jumps as high as 75%. Amanda Bryden, Head of Halifax Mortgages, says, “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
Research by digital property pack provider, Moverly, has revealed that so far this decade, there has already been a significant increase in the average number of transactions seen across the property market. Moverly analysed the average number of annual UK residential property transactions each decade from 1990 to the present day to gain insight into how the UK property market has evolved through the decades. The data shows that during the 1990s, a total of 12,935,000 homes were sold across the UK, equating to an average of 1,293,500 transactions for each of the 10 years. This accelerated in the noughties, with 1,405,000 homes sold on average each year, an increase of 8.6% versus the previous decade, despite the market turmoil seen in 2008 as a result of the global financial crisis. This market crash left its mark with only 11,036,000 homes sold across the UK during the 2010s, sitting 22% below the previous decade. However, as we approach the halfway point of the 2020s, transaction numbers seem to be making a strong
Local authority area Region
Percentage of FTBs among all buyers (2023)
Average FTB price (2023)
City of Manchester
North West South East
75% 73% 73% 72% 72% 72% 71% 71% 70% 70% 49%
£212,891 £322,961 £179,058 £218,900 £302,616 £286,391 £314,090 £157,139 £172,554 £245,207 £247,862
Slough
Sandwell
West Midlands East Midlands
Leicester/Oadby
Reading Thurrock Dartford Knowsley
South East
Eastern England
South East North West
Wolverhampton
West Midlands Eastern England
Luton
Great Britain average (excluding London)
22 First Time Buyer December 2024/January 2025
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