The rise in house prices and rent is a topic that hasn’t gone under the radar, but for first-time buyers in Manchester looking to get on the property ladder, your chances of buying might be better than you think… Yes, even after all those viewings. In a recent study from mortgage lender, Halifax, Manchester has been named the “first-time buyer capital of Britain” after those debuting the property ladder accounted for 75% of home purchases made in the city with a mortgage last year.
The research, based on data from the Halifax house price index, analysed the areas of the country outside Greater London where first-time buyers accounted for the biggest proportion of home sales. Manchester came out on top, with 75% of all home purchases with a mortgage in 2023 being made by first-time buyers, which is up from 65% in 2020.
Halifax described the North-West city as becoming a “magnet” for those taking their first steps into home ownership due to its diverse housing stock – from modern apartments in regenerated areas to traditional terrace houses in suburban neighbourhoods. Halifax also highlighted how Manchester is well-known for its young and vibrant population and benefits from affordable housing, a strong jobs market, excellent transport links, rich cultural scene, and ongoing urban regeneration.
The average first-time buyer property price in Manchester is £212,891, which is around £35,000 below the British average (excluding London) of £247,800, according to Halifax.
Coming second in the list was Slough in Berkshire, known as the location for the BBC TV series The Office, where first-time buyers accounted for 73% of properties bought with a home loan last year. The average price tag in Slough for someone buying their first property is £322,900, which is about £75,000 above the national average but well below the typical figure for nearby London, which is close to half a million (£490,200).
Sandwell in the West Midlands was the third most popular hotspot in 2023, where first-time buyers also made up 73% of all properties purchased with a mortgage, compared with 71% in 2020. Properties in Sandwell are cheaper than the British average at £179,058 and also around £40,000 below the average for the West Midlands at £221,307.
The top 10 hotspots for first-time buyers in Britain last year (average first-time buyer price)
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Manchester (£212,891)
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Slough (£322,961)
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Sandwell (£179,058)
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Leicester/Oadby (£218,900)
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Reading (£302,616)
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Thurrock (£286,391)
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Dartford (£314,090)
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Knowsley (£157,139)
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Wolverhampton (£172,554)
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Luton (£245,207)