Shopping for your first property is an enormous dedication, and there are lots of components concerned within the decision-making course of, from funds to native facilities to employment alternatives. Traditionally, location has all the time been one of many primary deciding components for first time consumers for this good motive.
Nonetheless, on account of the rising price of dwelling, rates of interest and the emergence of hybrid working, typical first-time purchaser hotspots are shifting.
So the place is the very best place to purchase property within the UK for these seeking to get onto the property ladder? Right here, we have a look at rising hotspots which might be offering the very best worth for first time consumers and why.
This yr has been an enormous yr for the UK’s Second Metropolis because it hosted the Commonwealth Video games, bringing with it an unprecedented stage of funding into city-wide regeneration initiatives in earlier years. Extra initiatives embody the development of Curzon Road Station and the HS2 line.
As one of many youngest cities in Europe, Birmingham is a good alternative for first time homebuyers and provides residents nice employment alternatives, world-class facilities and extra. In accordance with CV Library, Birmingham presents current graduates with the very best potential wage development sooner or later at +53.9% above the graduate common.
Located within the centre of England, roughly 90% of the nation mendacity inside a 4-hour drive from town. Completion of HS2 may even make inter-city commutes extra viable, thereby opening the door to a wealth of additional job alternatives and cementing town’s place as top-of-the-line locations to purchase property.
Utilizing Land Registry knowledge, Savills discovered that common property costs in Birmingham are virtually a 3rd of these in Better London — simply over £250,000, in contrast with virtually £700,000. Our personal evaluation of Land Registry knowledge signifies that property costs are more likely to increase within the wake of the Commonwealth Video games, as evident from previous host cities: Manchester and Glasgow.
Now is a good time to purchase and spend money on property in Birmingham. Discover out extra in regards to the space in our information, right here.
South East Area
There was substantial funding in regenerating cities within the South East that has elevated the area to be top-of-the-line up and coming property areas within the UK, offering an unimaginable different property hotspot for first time consumers working in or seeking to go away the capital. The truth is, knowledge from Halifax revealed that the South East was the most well-liked area for first-time consumers, with London coming a detailed second and the North West and West Midlands in third and fourth place respectively.
As curiosity in metropolis centre dwelling revives itself after the pandemic’s “Race for House” and the opening of the Elizabeth Line, the enchantment of areas inside London’s commuter belt within the South East has grow to be stronger.
The Crossrail Impact is in full swing, and the accessibility that the brand new Elizabeth Line offers folks within the area has seen the common distance for these buying a property enhance to round 35 miles outdoors of London. With that mentioned, listed below are our high picks for first time homebuyers.
Recognized by Zoopla as Britain’s hottest search space for first time property consumers again in 2020, this leafy city continues to attract an enormous quantity of curiosity throughout the property market. Studying was not too long ago named top-of-the-line locations to stay within the South East by The Occasions, and for good motive.
Located simply 41 miles from London, this can be very properly related to the capital with 384 trains departing from Paddington for Studying daily leaving roughly each 5 to 10 minutes and taking as little as 25 minutes on a direct route. Moreover, Studying is the place to begin for the brand new Elizabeth Line which means journey occasions to central London are actually even faster and simpler, offering an enormous profit for working professionals who commute to workplaces within the capital.
Maybe greatest identified for its very personal Studying Competition, the city provides nice leisure and nightlife, with The Oracle purchasing centre, Broad Road Mall and Harris Arcade offering ample retail prospects.
The longer term holds large issues for Studying, with £750 million value of regeneration works at Station Hill proposed to deliver over 1000 new houses, 600,000 sq. ft of workplace area in addition to 100,00 sq. ft of retail and leisure area.
Slough is a good place for first time consumers who wish to escape the hustle and bustle of the capital and get extra worth for his or her cash.
This vigorous city has developed a sturdy popularity as a enterprise and innovation hub, with the city internet hosting one of many highest concentrations of enormous company headquarters within the UK together with Fiat and Nintendo. The truth is, it was not too long ago voted the “Finest Place to Stay and Work” for the third yr working by The Occasions, owing to its abundance of well-paid job alternatives and excessive common salaries.
Additionally benefitting from the Elizabeth Line, Slough has grow to be a property hotspot for working professionals searching for extra reasonably priced choices outdoors the capital. With commutes as little as 13 minutes to London Paddington and deliberate enhancements to Slough’s primary prepare station to permit a prepare to central London each 2.5 minutes at peak occasions, the city is greatest positioned for metropolis employees and those that have adopted a hybrid fashion of working.
All of that is topped off with extraordinarily affordable property costs. Land Registry Home Worth Index knowledge reveals the common property worth for first time homebuyers in Slough is 38% lower than the capital, standing at £295,334 in August in comparison with £476,248 in London.
Uncover our flats on the market in Slough or discover out extra about what Slough has to supply first time consumers in our space right here.
With a powerful industrial centre and a excessive focus of main international expertise firms akin to Dell, Microsoft and Oracle, Bracknell kinds a part of the UK’s “Silicon Valley” and offers potential first time consumers loads of job alternatives. The truth is, the city’s expertise financial system totals roughly £5.5 billion.
Located simply 34 miles from the capital and 11 miles from neighbouring Studying, Bracknell is a part of Studying’s “travel-to-work” space, and due to its proximity to the Metropolis of London, property within the city may be very in style amongst working professionals who frequently commute into these areas, in addition to to Slough and different components of the South East.
As extra folks regarded to purchase property with out of doors area, Bracknell’s residents can take pleasure in over 150 parks and inexperienced areas all through the realm along with the revitalised city centre full with an intensive leisure centre, The Lexicon purchasing centre and loads of leisure amenities.
Sitting just under Slough as one of many most cost-effective commuter cities in response to the common home costs, Bracknell positioned 13th, with a mean worth of £331,495 for first time consumers in response to Land Registry knowledge.
Discover out what Bracknell residents say about life on the commuter belt, uncover our flats on the market in Bracknell or discover out extra about what Bracknell has to supply first time consumers in our space right here.
Demand for property in London has all the time been excessive, with the enchantment of the bustling metropolis, its tradition, social and employment alternatives, along with nice transport amenities which might be unrivalled within the UK making dwelling within the metropolis extraordinarily fascinating.
Property brokers Douglas & Gordon have discovered that the variety of first-time consumers has been steadily rising in London over the previous few years, accounting for a powerful share of first-time consumers throughout the nation.
Though the Capital is infamous for its excessive property costs, this could fluctuate considerably from borough to borough, which means there’s nonetheless alternative for homebuyers to enter the housing market and nonetheless get worth for his or her cash.
SevenCapital Residences for Sale
SevenCapital are proud to current excessive specification flats on the market in Birmingham and the South East primely located in central areas in order that residents can profit from all that the placement has to supply.
Discover out extra about our property developments and their areas right here.