"Much of the growth in first-time buyer numbers has been recorded in regional housing markets where the cost of buying remains attractive. "
The London Borough of Barking and Dagenham topped the charts, where the most in-demand property for first-time buyers is a three-bed terraced house valued at £300,000, requiring a deposit of £45,000 and an income of £56,667 to buy.
In second place is the Borough of Tower Hamlets, where first-time buyers need to earn £80,278 and have a deposit of £63,750 for a home valued at £425,000. In third place, and also in London, is the Borough of Newham where first-time buyers are after two-bed flats priced at £340,000, which would set them back £51,000 for a 15% deposit.
Outside of London, Leicester is the most popular location for first-time buyers in the East Midlands, where the average home value enquired about is £175,000, and a £26,250 deposit is required.
Bristol (£225,000 value with a £26,250 deposit) tops the list in the South West. North of the border in Scotland, Midlothian (£145,000 with a £26,250 deposit) is the most popular destination for those buying their first home.
The most popular first-time areas all share one common characteristic - they’re within reach of the UK’s biggest cities but still relatively affordable. For example, instead of purchasing in the centre of Manchester, first-time buyers are looking at Oldham, whilst those who want to live and work in Birmingham are looking at Wolverhampton.
Richard Donnell, research director at Zoopla, commented: “First-time buyers are the largest buyer group in the housing market, accounting for close to two in every five sales. Low mortgage rates and increased availability of higher loan to value 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.”
