Young adults willing to move for affordable housing
A new list of 'up-and-coming' locations for first-time buyers has been released, revealing options for those looking for more affordable housing. According to a survey conducted by Halifax, around six in 10 young adults would be prepared to move to another part of the country in order to get on the housing ladder. The research also found that almost half of potential first-time buyers are now researching locations they would not have considered before due to the cost of living crisis.
Location is key for first-time buyers
While the rising cost of living and tighter mortgage rates have caused delays in first-time buyers' plans, the survey also found that a similar proportion believe that the location of their first home is more important than the property itself. With this in mind, Halifax has compiled a list of potential hotspots for first-time buyers looking for an up-and-coming location.
Top 'up-and-coming' locations for first-time buyers
Here is a shortlist of the up-and-coming locations for first-time buyers, according to Halifax. The list is not ranked from one to 10 as there is a range of priorities that individual buyers will want to consider when choosing a location.
Kingston upon Hull, North East England
Average first-time buyer price – £156,509
The difference between average first-time buyer price in the wider location – minus 23%
A three-bedroomed terraced house with two bathrooms is currently listed on Zoopla in this area for £175,000.
Middlesbrough, North East England
Average first-time buyer price – £156,761
The difference between average first-time buyer price in the wider location – minus 21%
A semi-detached three-bedroomed house with one bathroom is listed on Zoopla for £164,900 in Middlesbrough.
Neath Port Talbot, Wales
Average first-time buyer price – £158,702
The difference between average first-time buyer price in the wider location – minus 20%
A two-bedroom end-of-terrace in Neath Port Talbot is currently being advertised for £119,150 on Zoopla.
Derry City and Strabane, Northern Ireland
Average first-time buyer price – £160,636
The difference between average first-time buyer price in the wider location – minus 8%
Right Move currently has a three-bedroom, one-bathroom mid-terrace house for £120,000 in Derry City.
Falkirk, Scotland
Average first-time buyer price – £165,511
The difference between average first-time buyer price in the wider location – minus 12%
A three-bedroom terraced house is being advertised in Falkirk for £139,000 on Zoopla.
Blackburn with Darwen, North West England
Average first-time buyer price – £168,895
The difference between average first-time buyer price in the wider location – minus 21%
A three-bedroom terraced house is being advertised in Blackburn for £120,000 on Zoopla.
Aberdeen City, Scotland
Average first-time buyer price – £173,061
The difference between average first-time buyer price in the wider location – minus 8%
A one-bedroom flat is currently on the market via Zoopla for £70,000 in Aberdeen.
Telford and Wrekin, Midlands
Average first-time buyer price – £213,741
The difference between average first-time buyer price in the wider location – minus 10%
At the moment, a two-bedroom end terraced is listed on Zoopla in this area for £185,000.
Ipswich, Eastern England
Average first-time buyer price – £249,338
The difference between average first-time buyer price in the wider location – minus 25%
A two-bedroom, two-bathroom flat is listed on Zoopla for £110,000 at the moment in the centre of Ipswich.
Eastbourne, South East England
Average first-time buyer price – £253,744
The difference between average first-time buyer price in the wider location – minus 29%
A three-bedroomed new-build house is currently listed for £93,750 on Zoopla, in this area.
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