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Manchester most popular for FTBs making up three-quarters of all homebuyers

Shekina Tuahene
Written By:
Posted:
September 3, 2024
Updated:
September 3, 2024

Manchester has been named the most popular city for first-time buyers outside of London, with new homeowners accounting for 75% of house sales in 2023, research from a lender found.

A study from Halifax showed first-time buyers in Manchester paid an average of £212,891 for their first home, around £35,000 less than the national average. The proportion of sales to first-time buyers was up from a share of 65% in 2022. 

The city was closely followed by Slough, where first-time buyers made up 73% of all purchasers, up from 54% previously. While the average property price was £75,000 above the national average, at £322,961, Halifax said its transport connections, proximity to London and strong employment market made it an attractive location. 

With an average first-time buyer property price of £179,058, Sandwell was the third-most popular area for those getting onto the property ladder. Here, first-time buyers made up 73% of all house sales in 2023, slightly up on the 71% of sales in 2022. 

Out of the 10 local areas recorded, Wolverhampton and Luton were the least popular regions for first-time buyers, where they made up 70% of all home purchases last year. 

Excluding London, Halifax found that first-time buyers across Great Britain accounted for 49% of all home sales in 2023, paying £247,862 on average. 

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Amanda Bryden, head of Halifax Mortgages, said: “Deciding when and where to buy your first home is a deeply personal choice. While saving for a deposit and navigating higher interest rates pose a significant challenge for many prospective homeowners, life often intervenes and major milestones such as starting a new job or beginning a family can sway the decision. 

“First-time buyers are often more willing to relocate to new areas in pursuit of finding the ideal home within their financial reach. This flexibility opens up a broader range of possibilities and can lead to more affordable housing options.” 

She added: “Buying your own home remains one of the best long-term financial decisions you can make, and across the UK, several locations stand out for their appeal to first-time buyers. Notably, Manchester, with its diverse property styles and vibrant cultural scene, has become a magnet for those taking their first steps into homeownership.” 

This research comes after the Lloyds Banking Group and Halifax entity announced it had allocated £2bn to help first-time buyers get onto the property ladder, with higher income multiples of five-and-a-half.