Buying your first home is a monumental step, filled with excitement, decisions, and a lot of financial planning. In the quest to find the perfect city for planting roots, The Co-operative Bank has done some homework for you. Their recent research delves into what makes a city ideal for first-time buyers, considering key factors such as house prices, safety, and overall happiness of the residents.
Swansea Shines as the Top Choice
Swansea takes the crown as the best UK city for first-time buyers, striking a perfect balance between affordability, safety, and quality of life. With an average property price of £195,687, which includes additional costs like conveyancing and survey fees, Swansea emerges as a centre of affordability in the housing market. The city boasts a low crime rate score of 35.5 and an impressive life satisfaction score of 7.5 out of 10, making it not just a place to live, but a place to thrive.
Edinburgh and Plymouth Follow Suit
Not far behind, Edinburgh secures the second spot with its blend of historical charm and modern livability. Although the average total cost for first-time buyers here is higher at £346,293, Edinburgh compensates with the lowest crime rate across the UK and the highest life satisfaction rating of 7.7 out of 10. Plymouth claims the third position, offering a reasonable total cost of £225,060, a moderate crime score, and a life satisfaction score on par with Swansea, coupled with an excellent traffic index score.
Seeking Affordability? Head to Blackpool
For those whose top priority is affordability, Blackpool emerges as the champion. The average house price in this seaside city is a mere £134,092, making it the most budget-friendly option for first-time buyers. Even with additional purchasing costs, the total price averages at £135,995. Other cities joining Blackpool in affordability are Kingston upon Hull, Stoke-on-Trent, Sunderland, and Belfast, each presenting options where dreams of homeownership are within a tighter budget.
The Pricey Prestige of London and Bristol
On the other end of the spectrum, London stands as the priciest city for first-time buyers, with the average total cost soaring to £547,560. Bristol and Edinburgh are also on the higher end, followed by Reading and Southend-on-Sea, highlighting the premium attached to living in these sought-after locations.
Expert Advice for First-Time Buyers
Warren Cain from The Co-operative Bank offers invaluable tips, “If you’re planning to buy your first home, the very first step is to save up money for a deposit. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy. There are government schemes available to help you do this, like the Lifetime ISA (LISA) which lets you earn up to £1,000 extra a year through a 25% government bonus. You’ll also need to figure out how much you can afford to spend and create a budget. You can use tools like our mortgage calculator to see what property price you can afford or what your monthly mortgage repayment could be. Don’t forget to factor in extra costs too, like conveyancing and surveying fees. Finally, first-time buyers especially could benefit from using a broker. They can help you find the best mortgage to suit your needs, and explain how the market works.”