A LIST of 'up-and-coming' locations for first-time buyers has been revealed.
Middlesbrough, Falkirk and Blackburn are among the location "hot spots" worth looking into if you want to get on the property ladder.
Halifax, which compiled the list, said the survey found that around six in 10 (61%) young adults would be prepared to move to another part of the country in order to get on the housing ladder.
It also found that almost half (44%) of potential first-time buyers looking to get on the housing ladder are now researching locations they would not have considered before the cost of living crisis.
Two-fifths (40%) said they are looking at more affordable, up-and-coming areas to move to.
However, the research also found that a similar proportion (41%) believe that the location of their first home is more important than the property itself.
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The rising cost of living and tighter mortgage rates mean four in 10 (41%) of first-time buyers have pushed back their plans by around four years on average.
While more than half (55%) would reassess the type of property they are willing to buy.
Censuswide surveyed 3,000 18 to 34-year-olds across the UK in August who have not bought a property.
Halifax also carried out analysis to identify locations with lower average house purchase prices compared with the surrounding region, to work out potential hotspots for first-time buyers looking for an up-and-coming location.
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The bank also took into account findings about first-time buyers’ priorities, including links to major cities, access to good schools, proximity to green spaces and local regeneration.
Kim Kinnaird, mortgages director at Halifax, said: “Despite fluctuating house prices, the desire to buy a first home isn’t going away, with almost nine in 10 young people keen to get on the property ladder.
“There’s an appetite from under-35s to consider more affordable areas further afield, so we’ve identified up-and-coming locations that prospective first-time buyers might do well to look into.”
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
Kingston upon Hull is the fourth largest city in the Yorkshire and Humber region after Leeds, Sheffield and Bradford.
- 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
Middlesbrough is the largest town of the wider Teesside area and lies near the mouth of the River Tees.
- 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
Neath Port Talbot is a county borough in the south-west of 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
Derry City and Strabane was created by merging the City of Derry and Strabane districts in 2015. It is the northwest area of 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
Falkirk is a town in the Central Lowlands of Scotland.
It lies in the Forth Valley, roughly 23 miles northwest of Edinburgh and 20 miles northeast of Glasgow.
- 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
Blackburn with Darwen consists of the towns of Blackburn and Darwen but also covers a wider area which includes the villages of Lower Darwen, Feniscowles, Brownhill and Hoddlesden.
- 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
Aberdeen is in northeast Scotland, where the Dee and Don rivers meet the North Sea. It's also known as the "Granite City" for its many grey-stone buildings.
- 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
Telford and Wrekin is a borough in Shropshire in the West 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 bedroomed end terraced is listed on Zoopla in this area for £185,000.
Ipswich, Eastern England
Ipswich is a Suffolk town set on the River Orwell, its waterfront is lined with cafes, galleries and shops and has a strong maritime history
- 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
Eastbourne is a seaside town on England’s southeast coast. On the seafront are Victorian hotels, the 19th-century Eastbourne Pier and a 1930s bandstand.
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- 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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