Over the past three months, we’ve seen a 16% increase in the number of first-time buyers registering with us when compared with the same period in 2017.
Thankfully, recent changes in legislation and the introduction of initiatives like the Help to Buy scheme have made getting that all important first step on the property ladder a bit easier. In fact, the number of first-time buyers across the UK is on the rise and the average age of first-time homeowners, which was recently as high as 34, is declining.
With that in mind, we thought it would be interesting to take a look at the areas in the UK where first-time buyers can expect to get the best value for their money.
In our research, we gathered data from all areas across the UK to find out which major cities are the best values for money, based on cost per sq ft of property. We analysed thousands of sales, comparing various house types such as detached, semi-detached, terraced and flats. We also took the average house price and the average size to establish a cost per square foot for each city.
Bradford Offers the Best Value
Our research revealed that the West Yorkshire city of Bradford offered the best value in terms of the price per square foot of property. There, a first-time buyer can expect to pay £133 per square foot, with the average house price currently at £113,515. This represents a figure 75% lower than the national average.
This is in stark contrast to London, where the same amount of property would cost first-time buyers a staggering £668, over 5 times more expensive
Leeds Takes the Joint 10th Spot
Leeds was found to be joint 10th with Coventry. This is further proof that there is great value for first-time buyers in our region. We found that a first-time buyer could expect to spend £195 per square foot, with the average first-time buyer house price sitting at £183,686. No doubt that many are choosing Leeds as a base due to its growing economy as well as the superb value on offer.