The Borough of Barking and Dagenham in London is the UK’s most popular location for first-time buyers, new analysis by Zoopla revealed.
The property expert analysed demand from first-time buyers over the past three months and ranked locations with the highest percentage of demand submitted from those identifying as first-time buyers.
The Borough of Barking and Dagenham came out on top, where the most in-demand property for first-time buyers was a three-bed terraced house valued at £300,000, which those looking to buy their first home would need a deposit of £45,000 and an income of £56,667 to buy.
The analysis revealed that in second place was the Borough of Tower Hamlets – where first-time buyers needed to earn £80,278 and have a deposit of £63,750 for a home valued at £425,000. In third place was another location in London, the Borough of Newham – where first-time buyers were after two-bed flats priced at £340,000, which would set them back £51,000 for a 15% deposit.
Zoopla also provided the average property value first-time buyers look for in each location, the most popular property type searched for by first-time buyers, as well as calculations for the typical deposit and average income needed to service an 85% LTV mortgage.
Outside of London, Leicester was the most popular location for first-time buyers in the East Midlands, and Bristol topped the list in the South-West. North of the border in Scotland, Zoopla revealed Midlothian was the most popular destination for those buying their first home.
“First-time buyers are the largest buyer group in the housing market, accounting for close to two in every five sales,” Zoopla research director, Richard Donnell, commented.
“Low mortgage rates and increased availability of higher LTV mortgages have supported the growth in first-time buyer numbers over the last five years. Much of the growth in first time buyer numbers has been recorded in regional housing markets where the cost of buying remains attractive.
“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 two-bed homes but across large parts of the country first-time buyers are seeking out three-bed homes.”
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