Which areas are most popular with first-time buyers?
The most popular part of Britain for those buying their first home is…
…Barking and Dagenham in London, according to Zoopla.
The property portal analysed demand over the past three months and ranked locations with the highest percentage of demand from first-time buyers.
The Borough of Barking and Dagenham topped the charts, where the most in-demand property for first-time buyers is a three-bed terraced house valued at £300,000, those looking to buy their first home would need a deposit of £45,000 and an income of £56,667 to buy.
In second place is the Borough of Tower Hamlets, where first-time buyers need to earn £80,278 and have a deposit of £63,750 for a home valued at £425,000.
In third place, and also in London, is the Borough of Newham where first-time buyers are after two-bed flats priced at £340,000, which would set them back £51,000 for a 15% deposit.
The rest of the country
Outside of London, Leicester is the most popular location for first-time buyers in the East Midlands, where the average home value enquired about is £175,000, and a £26,250 deposit is required.
Bristol tops the list in the South West. North of the border in Scotland, Midlothian (£145,000 with a £26,250 deposit) is the most popular destination for those buying their first home.
Zoopla said that the most popular first-time areas all share one common characteristic – they’re within reach of the UK’s biggest cities but still relatively affordable. For example, instead of purchasing in the centre of Manchester, first-time buyers are looking at Oldham, whilst those who want to live and work in Birmingham are looking at Wolverhampton.
The top 10 first-time buyer hotspots
|Area||Average Price of property FTBs enquire about||Most popular property type||Deposit required (15%)||Income required|
|1||Barking and Dagenham||£300,000||3 bed Terraced||£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 Terraced||£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 Terraced||£38,250||£48,167|
Richard Donnell, research director 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.
“In the highest priced markets, first time buyers are seeking 2 bed homes but across large parts of the country first time buyers are seeking out 3 bed homes.”