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Manchester Named First-Time Buyer Hotspot

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    Manchester is ‘First-Time Buyer Capital of Britain’

    A new study from Halifax has named Manchester the “first-time buyer capital of Britain”. The research revealed that first-time buyers accounted for 75% of mortgaged home purchases in the northern city last year.

    The report uses data from Halifax’s House Price Index, focusing on areas outside of Greater London where there is a large proportion of first-time buyers.

    The research sheds light on how unaffordable house prices in London have attracted growing numbers of younger people to other regions and offers reasons why Manchester is the place to invest.

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      Top 10 Hotspots for First-Time Buyers: Full Rankings

      According to Halifax’s research, Slough in Berkshire was ranked second. In this location, 73% of properties bought with a mortgage were courtesy of first-time buyers, a sharp upturn from 54% in 2020.

      The average first-time buyer house price in Slough is £322,900. While this is about £75,000 above the British average, it is much more affordable than the average figure for London, which is £490,200.

      Third place in the ranking went to Sandwell in the West Midlands, where first-time buyers also make up 73% of home sales with a mortgage. The average first-time buyer price for this area is £179,000, which is much cheaper than the overall British average and lower than the West Midlands average.

      The full rankings can be seen below:

      Top 10 Hotspots for First-Time Buyers in Britain [Outside London] (2023)RegionPercentage of FTBs (2023)Avg. FTB Price (2023)
      City of ManchesterNorth West75%£212,891
      SloughSouth East73%£322,961
      SandwellWest Midlands73%£179,058
      Leicester / OadbyEast Midlands72%£218,900
      ReadingSouth East72%£302,616
      ThurrockEastern England72%£286,391
      DartfordSouth East71%£314,090
      KnowsleyNorth West71%£157,139
      WolverhamptonWest Midlands70%£172,554
      LutonEastern England70%£245,207

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      Why is Manchester Attracting Property Buyers?

      One reason for Manchester’s popularity is its property prices. The average first-time buyer property price in Manchester is £212,800 – around £35,000 cheaper than the British average (excluding London) of £247,800.

      Apart from affordability, Manchester also offers diverse housing stock, from modern apartments in regeneration zones to traditional housing in suburban neighbourhoods. Halifax states that Manchester is known for its young and vibrant population and benefits from affordable housing, a strong jobs market, excellent transport links, a rich cultural scene, and ongoing urban regeneration – all of which have led to the city becoming a “magnet” for those taking their first steps into home ownership.

      According to a Halifax spokesperson: “A combination of more affordable housing, a strong jobs market, excellent transport links, rich cultural scene, and ongoing urban regeneration makes it an attractive location for many first-time buyers.”

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

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