Zoopla has revealed what it sees as the top 20 hotspots for first-time buyers in England, Scotland, and Wales.
Luton, Bedfordshire, is the most popular town in the country for first-time buyers, with a typical deposit of £37,500 required to purchase a home.
Wolverhampton comes in second place, with its West Midlands counterparts Sandwell, Coventry and South Staffordshire all featuring in the top 20.
Locations in London occupy ten of the top 20 most popular areas, with Barking and Dagenham identified as the capital’s first-time buyer hotspot,
Gráinne Gilmore, Head of Research at Zoopla comments: “Activity levels in the housing market have been building across the country in recent months following sharp increases in buyer demand. First-time buyers remain one of the largest cohorts of purchasers across the country.”
“Activity levels will remain elevated into next year, and first-time buyers in many of these hotspots will still be able to secure a home with no stamp duty to pay or a reduced bill even after the end of the stamp duty holiday. The stamp duty exemption for first-time buyers on homes worth up to £300,000, which applies to homes worth up to £500,000, will remain in place after the stamp duty holiday ends on March 31st.”
Top 20 first time buyer hotspots
|
Rank |
Region |
Local Authority |
Typical first-time buyers’ house price* |
Deposit required (15%) |
Household Income required** |
Most popular property type for first-time buyers’ |
|
1 |
East of England |
Luton |
£ 250,000 |
£ 37,500 |
£ 47,000 |
3-bed terraced |
|
2 |
West Midlands |
Wolverhampton |
£ 145,000 |
£ 21,750 |
£ 27,000 |
3-bed semi-detached |
|
3 |
London |
Barking and Dagenham |
£ 325,000 |
£ 48,750 |
£ 61,000 |
3-bed terraced |
|
4 |
London |
Tower Hamlets |
£ 445,000 |
£ 66,750 |
£ 84,000 |
2-bed flat |
|
5 |
East of England |
Harlow |
£ 275,000 |
£ 41,250 |
£ 52,000 |
3-bed terraced |
|
6 |
London |
Hackney |
£ 475,000 |
£ 71,250 |
£ 90,000 |
2-bed flat |
|
7 |
London |
Newham |
£ 350,000 |
£ 52,500 |
£ 66,000 |
2-bed flat |
|
8 |
West Midlands |
Sandwell |
£ 160,000 |
£ 24,000 |
£ 30,000 |
3-bed semi-detached |
|
9 |
London |
Islington |
£ 525,000 |
£ 78,750 |
£ 99,000 |
2-bed flat |
|
10 |
London |
Greenwich |
£ 350,000 |
£ 52,500 |
£ 66,000 |
2-bed flat |
|
11 |
East of England |
Thurrock |
£ 285,000 |
£ 42,750 |
£ 54,000 |
3-bed terraced |
|
12 |
London |
Waltham Forest |
£ 400,000 |
£ 60,000 |
£ 76,000 |
2-bed flat |
|
13 |
East of England |
Basildon |
£ 270,000 |
£ 40,500 |
£ 51,000 |
3-bed terraced |
|
14 |
London |
Southwark |
£ 450,000 |
£ 67,500 |
£ 85,000 |
2-bed flat |
|
15 |
West Midlands |
Coventry |
£ 170,000 |
£ 25,500 |
£ 32,000 |
3-bed terraced |
|
16 |
London |
Lewisham |
£ 375,000 |
£ 56,250 |
£ 71,000 |
2-bed flat |
|
17 |
West Midlands |
South Staffordshire |
£ 150,000 |
£ 22,500 |
£ 28,000 |
3-bed semi-detached |
|
18 |
London |
Hounslow |
£ 400,000 |
£ 60,000 |
£ 76,000 |
2-bed flat |
|
19 |
South East |
Slough |
£ 345,000 |
£ 51,750 |
£ 65,000 |
3-bed terraced |
|
20 |
South East |
Reading |
£ 260,000 |
£ 39,000 |
£ 49,000 |
2-bed flat |
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