The most popular areas of Britain for first-time buyers are within reach of the biggest cities – but still relatively affordable, according to Zoopla.
In its latest round of data-crunching, the property portal found that over the last three months, Greater London, Oldham on the outskirts of Manchester, and Wolverhampton, near Birmingham, were all popular among users who identified as first-time buyers.
To rank popularity, Zoopla recorded the most commonly searched-for locations among the group, as well as the average value of a first-time buyer property and the most popular types of property searched for.
To assess affordability, it calculated the average income required to service a typical 85% mortgage.
The London borough of Barking and Dagenham emerged as Britain’s most popular location for first-time buyers.
An average first-time buyer property in the borough cost £300,000, said Zoopla, requiring a deposit of £45,000 and an annual income of £56,667. The most searched-for property type in the area was a three-bedroom terrace.
Independent estate agent in Dagenham, James Foss, said: “This is the place to come for first-time buyers. You can still pick up a two-bedroom house for £270,000 and a three-bedroom house for £320,000. And, being ex local authority, the property here is renowned for being really well built. It’s also very easy to get into the city by tube, rail or driving up the A13.”
Tower Hamlets and Newham – also both London boroughs – ranked second and third, according to Zoopla’s research. Average property enquiry prices stood at £425,000 and £340,000 respectively and two-bedroom flats were the most searched-for property type.
Outside London, the city of Leicester was the most popular location for first-time buyers. The group was most interested in three-bedroom semi-detached homes, with the average value searched for standing at £175,000.
Newcastle topped the list in the north, with first-timers making enquiries about two-bedroom flats worth an average £120,000.
Bristol – where the first-time buyers were searching for property worth an average of £225,000 and two-bedroom flats attracted the most interest – topped first-time buyer popularity rankings in the south-west.
Richard Donnell, director of research and insights at Zoopla, said: “Our analysis shows that first-time buyers are seeking out the most affordable areas which deliver the best value for money in terms of accessibility and property type and size.”
He said that first-time buyers are the largest buyer group in the housing market, accounting for close to two in every five sales.
“Much of the growth in first-time buyer numbers has been recorded in regional housing markets where the cost of buying remains attractive.”
Britain’s top 10 first-time buyer hotspots
| Area | Average Price of property FTBs inquire about | Most popular property type | Deposit required (15%) | Income required | |
| 1 | Barking and Dagenham | £300,000 | 3 bed Terrace | £45,000 | £56,667 |
| 2 | Tower Hamlets | £425,000 | 2 bed Flat | £63,750 | £80,278 |
| 3 | Newham | £340,000 | 2 bed Flat | £51,000 | £64,222 |
| 4 | Reading | £240,000 | 2 bed Flat | £36,000 | £45,333 |
| 5 | City of Wolverhampton District | £145,000 | 3 bed Semi | £21,750 | £27,389 |
| 6 | Thurrock | £260,000 | 3 bed Terrace | £39,000 | £49,111 |
| 7 | Greenwich | £340,000 | 2 bed Flat | £51,000 | £64,222 |
| 8 | Luton | £215,000 | 3 bed Semi | £32,250 | £40,611 |
| 9 | Southwark | £435,000 | 2 bed Flat | £65,250 | £82,167 |
| 10 | Crawley | £255,000 | 3 bed Terrace | £38,250 | £48,167 |
Top first-time buyer hotspot (by region)
| Region | Area | Average Price of property FTBs inquire about | Most popular property type | Deposit required (15%) | Income required |
| East Midlands | City of Leicester | £175,000 | 3 bed Semi | £26,250 | £33,056 |
| East of England | Thurrock | £260,000 | 3 bed Terraced | £39,000 | £49,111 |
| London | Barking and Dagenham | £300,000 | 3 bed Terraced | £45,000 | £56,667 |
| North East England | Newcastle upon Tyne | £120,000 | 2 bed Flat | £18,000 | £22,667 |
| North West England | Oldham | £120,000 | 2 bed Terraced | £18,000 | £22,667 |
| Scotland | Midlothian | £145,000 | 2 bed Flat | £21,750 | £27,389 |
| South East England | Reading | £240,000 | 2 bed Flat | £36,000 | £45,333 |
| South West England | City of Bristol | £225,000 | 2 bed Flat | £33,750 | £42,500 |
| Wales | Casnewydd – Newport | £140,000 | 3 bed Terraced | £21,000 | £26,444 |
| West Midlands | City of Wolverhampton | £145,000 | 3 bed Semi | £21,750 | £27,389 |
| Yorkshire and The Humber | Bradford | £110,000 | 3 bed Semi | £16,500 | £20,778 |
London’s top 10 first-time buyer hotspots
| Area | Average Price of property FTBs inquire about | Most popular property type | Deposit required (15%) | Income required | |
| 1 | Barking and Dagenham | £300,000 | 3 bed Terrace | £45,000 | £56,667 |
| 2 | Tower Hamlets | £425,000 | 2 bed Flat | £63,750 | £80,278 |
| 3 | Newham | £340,000 | 2 bed Flat | £51,000 | £64,222 |
| 4 | Greenwich | £340,000 | 2 bed Flat | £51,000 | £64,222 |
| 5 | Southwark | £435,000 | 2 bed Flat | £65,250 | £82,167 |
| 6 | Lambeth | £400,000 | 2 bed Flat | £60,000 | £75,556 |
| 7 | Hounslow | £350,000 | 2 bed Flat | £52,500 | £66,111 |
| 8 | Hackney | £475,000 | 2 bed Flat | £71,250 | £89,722 |
| 9 | Lewisham | £350,000 | 2 bed Flat | £52,500 | £66,111 |
| 10 | Islington | £500,000 | 2 bed Flat | £75,000 | £94,444 |
Lol because that s where the council’s let builders create these terrible estates on help to buy.
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When I was a first time buyer, waaaaay back at the beginning of the 1980s, I had to buy my first home on the outskirts of where I wanted to live.
Why? Because I couldn’t afford what I wanted, where I wanted it.
So – quelle surprise! – var nigh forty years later it seems nothing has changed.
No 5h!t Sherlock Day comes early this week…
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“… users who identified as first-time buyers.”
Is that like another gender classification we need to add to the list?
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