Bath is the best city in the UK for first-time buyers due to increased job opportunities and a good disposable income helping people get onto the property ladder for the first-time, according to recent data from MoneySupermarket.
At the other end of the scale, London, Birmingham and Sheffield offer the worst deal for first-time buyers in terms of property prices, job prospects and disposable income.
Meanwhile, Oxford has slipped from first to eighth place in the first-time buyer rankings due to a rise in contents thefts in the popular university city.
Wolverhampton has ranked as the second best city for first-time buyers, followed by Chester, Aberdeen and Derby, all registering positive attributes for those who are looking to buy their first property. These criteria include the average cost of a one-bedroom home, job opportunities, average salary, disposable income and rate of contents theft, according to the recent data from MoneySupermarket.
There have been significant moves in the rankings for Cardiff, which has fallen down from 10th to 28th place. Also, Brighton has jumped 10 places to 12th position, registering an increase in average income.
Advice for first-time buyers
Rachel Wait, consumer affairs spokesperson at MoneySupermarket, believes that buyers need to look at a range of factors when choosing where to purchase their first property. She commented: “As well as looking at house prices in your area of choice, measures such as crime rates and local job opportunities can help inform your decision and ensure you’re in the location best suited to you.”
“It’s also important to start thinking about your credit score, as mortgage lenders will check your credit history to see whether you’re a reliable borrower and will use this and its affordability assessment to decide how much you can borrow,” she added.
Wait also went on to say that if buyers are willing to be flexible, they can stand a better chance of buying somewhere they can afford, without sacrificing a good standard of living. This will require them to shop around for the best mortgage deals to make sure they’re on a plan that works for them.