{"id":68256,"date":"2023-10-11T09:03:18","date_gmt":"2023-10-11T09:03:18","guid":{"rendered":"https:\/\/hotcelebon.com\/?p=68256"},"modified":"2023-10-11T09:03:18","modified_gmt":"2023-10-11T09:03:18","slug":"mortgage-experts-reveal-best-spots-in-the-uk-for-first-time-buyers-to-purchase","status":"publish","type":"post","link":"https:\/\/hotcelebon.com\/lifestyle\/mortgage-experts-reveal-best-spots-in-the-uk-for-first-time-buyers-to-purchase\/","title":{"rendered":"Mortgage experts reveal best spots in the UK for first-time buyers to purchase"},"content":{"rendered":"

Mortgage experts have shed light on the best locations for first-time homebuyers. <\/p>\n

According to recent research from Halifax, a significant 61% of first-time buyers are willing to relocate to different parts of the country in order to secure their first property.<\/p>\n

The study reveals that house prices for first-time buyers have almost doubled (increasing by 94%) over the past decade. Furthermore, the average age of a first-time buyer has risen from 30 to 32 within the same period, highlighting the challenges faced by this demographic.<\/p>\n

Despite these hurdles, the aspiration among young people to own their first property remains high at 87%, with a third (33%) eager to get on the housing ladder as soon as possible.<\/p>\n

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In response to the cost-of-living crisis, nearly half (44%) of prospective first-time buyers are now considering locations they wouldn't have previously thought of. The average price for a first-time buyer's house varies greatly across the country, ranging from \u00a3112,112 in Inverclyde to a staggering \u00a3682,981 in Westminster. Consequently, many young people (40%) are actively seeking more affordable, emerging areas to move to.<\/p>\n

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Over four in ten (41%) respondents stated that the location of their first home was more important than the property itself. The research also highlighted the top priorities for first-time buyers when choosing where to buy.<\/p>\n

Despite 'proximity to family and friends' ranking second on the list of top priorities, the fact that "house price" tops the list by a significant margin highlights why 61% of prospective first-time buyers are now willing to broaden their search and move further afield to secure their first home.<\/p>\n

Halifax has unveiled a First-Time Buyer Report, which merges its own house price data with a survey of 3,000 individuals aged between 18 and 34 who have yet to purchase a property. The aim is to gain a deeper understanding of the challenges facing first-time buyers in 2023.<\/p>\n

The report also highlights emerging areas around the UK and provides advice on how people can embark on their homebuying journey.<\/p>\n

With affordability being the top priority, Halifax has pinpointed emerging areas with lower average purchase prices compared to the surrounding region. These areas have been cross-referenced with respondents' priorities, including factors such as crime rates, transport links to major cities, access to quality schools or other educational facilities, proximity to green spaces, ultrafast broadband availability, and investment in local regeneration.<\/p>\n

Promising areas for first-time buyers<\/h3>\n

Halifax has compiled a list of promising areas for first-time homebuyers. The list includes the average purchase price for first-time buyers in each area, as well as the percentage difference between that and the average price in the wider location.<\/p>\n

However, Halifax emphasised that it has not ranked these locations from one to 10, acknowledging that individual buyers will have different priorities when choosing a location:<\/p>\n