Aldermore’s first-time buyer index analysed 50 cities across the UK to find the best places for people to buy for the first time. It uses 10 indicators across two key pillars: property and lifestyle, and then calculates an overall score.
Glasgow came top, and performed well in the property pillar with a score of 90. This is due to many promising opportunities for first-time buyers to move up the property ladder, with the average first-time buyer selling price coming to £141,644 and an annual house price increase of 6.5 per cent.
However, Glasgow was not as successful on the lifestyle front, with a score of 68. Over a quarter, 28.3 per cent, of the city’s population aged between 25 and 35 therefore many attractive job prospects are available and graduates make up over half of the workforce.
The average full-time pay is £32,604, however the longer than average commute time and a low life satisfaction score lower the lifestyle score.
Southern cities scored low in the index and didn’t place within the top 10. This is due to a lack of affordable housing for first-time buyers.
Despite this, the lifestyle and wellbeing scores for these cities were relatively high in comparison to the North. Wigan, Norwich, Sheffield, Hull, Cambridge and Bristol all have the same score, but the northern cities placed higher.
The cities which ranked the lowest on the list are all commuter cities or London itself. The lender said that this was unfortunate as many first-time buyers would be looking for jobs in the capital.
Jon Cooper, head of mortgage distribution at Aldermore, said: “While some of the cities lower on our index might have a lot to offer in terms of lifestyle, for many younger buyers in these areas, higher prices might make owning your own home feel unattainable.”
Only one English city made the top five. Liverpool had a total score of 65, putting it in fourth place.
The city is attractive to first-time buyers with its affordable selling prices pegged at £141,815 and strong increases in house prices, around 6.1 per cent, plus reasonable deposit requirements which makes home buying much more attainable.
However, the lifestyle appeal is limited, and Liverpool was ranked lowest in overall life satisfaction. There are also lower salary prospects with the average salary coming to £30,670 on average.
Other cities include Swansea and Newcastle, both with a score of 60 at places sixth and seventh.
Swansea outperformed Newcastle on the property pillar, offering decent selling prices and house price growth, with first-time buyers making up over half, 59 per cent, of the sales in the city.
On the other hand, Newcastle fared better in lifestyle, with its large population of 25-35 year olds. It also offers better salary prospects and better overall life satisfaction.
Coventry, Leeds and Newport rounded out the top ten of the index, with the same overall score of 58.
