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Zoopla reveals Britain’s most popular areas for first-time buyers

5th February 2020

 

  • London Borough of Barking and Dagenham crowned Britain’s most popular area for those buying their first home

  • Leicester is most popular for East Midlands; Bristol is the top location for South West, and Midlothian is the most attractive option for those in Scotland

  • Zoopla has launched its new Zooploma; a series of guides helping first-time buyers get on the ladder.

 

Zoopla, the UK’s most comprehensive property destination, has revealed Britain's most popular locations for first-time buyers and how much it costs to buy your first home in each area. The London Borough of Barking and Dagenham is crowned Britain's most popular location for those looking to buy 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, savvy first-time buyers are looking at Oldham, whilst those who want to live and work in Birmingham are looking at Wolverhampton.

 

Zoopla has 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. Zoopla has 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 Zoopla calculations for the typical deposit and average income needed to service an 85% loan-to-value mortgage.  

 

In the most popular location of the Borough of Barking and Dagenham, where the most in-demand property for first-time buyers is a three-bed terraced house valued at £300,000, those looking to buy their first home would need 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.



To help those looking to buy their first home, Zoopla has introduced the Zooploma; a series of guides and information designed to help first-time buyers navigate the complexities of getting on the property ladder in 2020. Once a first-time buyer signs up they will receive three guides a week  offering them hints and tips, among them, are:

  • 21 steps to buying a home

  • How to save for a deposit

  • Leasehold and freehold explained

  • Things to do before applying for a mortgage

  • 2020 hotspots for first-time buyers

First-time buyers can learn about the Zooploma and sign up for free here: http://www.karimasu.com/worth/first-time-buyers

Richard Donnell, Research Director at Zoopla, comments: “First-time buyers are the largest buyer group in the housing market, accounting for close to 2 in every 5 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 5 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 2 bed homes but across large parts of the country first-time buyers are seeking out 3 bed homes.” 

 

Britain's top 10 first-time buyer hotspots

 

Area

Average Price of property FTBs inquire about

Most popular property type

Deposit required (15%)

Income required

1

Barking and Dagenham 

£300,000

3 bed Terraced

£45,000

£56,667

2

Tower Hamlets 

£425,000

2 bed Flat

£63,750

£80,278

3

Newham 

£340,000

2 bed Flat

£51,000

£64,222

4

Reading 

£240,000

2 bed Flat

£36,000

£45,333

5

City of Wolverhampton District 

£145,000

3 bed Semi

£21,750

£27,389

6

Thurrock 

£260,000

3 bed Terraced

£39,000

£49,111

7

Greenwich 

£340,000

2 bed Flat

£51,000

£64,222

8

Luton 

£215,000

3 bed Semi

£32,250

£40,611

9

Southwark 

£435,000

2 bed Flat

£65,250

£82,167

10

Crawley 

£255,000

3 bed Terraced

£38,250

£48,167

 

Top first-time buyer hotspot (by region)

Region

Area

Average Price of property FTBs inquire about

Most popular property type

Deposit required (15%)

Income required

East Midlands

City of Leicester

£175,000

3 bed Semi

£26,250

£33,056

East of England

Thurrock

£260,000

3 bed Terraced

£39,000

£49,111

London

Barking and Dagenham

£300,000

3 bed Terraced

£45,000

£56,667

North East England

Newcastle upon Tyne

£120,000

2 bed Flat

£18,000

£22,667

North West England

Oldham

£120,000

2 bed Terraced

£18,000

£22,667

Scotland

Midlothian

£145,000

2 bed Flat

£21,750

£27,389

South East England

Reading

£240,000

2 bed Flat

£36,000

£45,333

South West England

City of Bristol

£225,000

2 bed Flat

£33,750

£42,500

Wales

Casnewydd - Newport

£140,000

3 bed Terraced

£21,000

£26,444

West Midlands

City of Wolverhampton

£145,000

3 bed Semi

£21,750

£27,389

Yorkshire and The Humber

Bradford

£110,000

3 bed Semi

£16,500

£20,778

 

London's top 10 first-time buyer hotspots

 

Area

Average Price of property FTBs inquire about

Most popular property type

Deposit required (15%)

Income required

1

Barking and Dagenham 

£300,000

3 bed Terraced

£45,000

£56,667

2

Tower Hamlets 

£425,000

2 bed Flat

£63,750

£80,278

3

Newham 

£340,000

2 bed Flat

£51,000

£64,222

4

Greenwich 

£340,000

2 bed Flat

£51,000

£64,222

5

Southwark

£435,000

2 bed Flat

£65,250

£82,167

6

Lambeth 

£400,000

2 bed Flat

£60,000

£75,556

7

Hounslow 

£350,000

2 bed Flat

£52,500

£66,111

8

Hackney 

£475,000

2 bed Flat

£71,250

£89,722

9

Lewisham 

£350,000

2 bed Flat

£52,500

£66,111

10

Islington 

£500,000

2 bed Flat

£75,000

£94,444

 

- Ends -

For further information, please contact PR Team on pr@zoopla.co.uk or +44 (0)20 3873 8770.

To ascertain the average value of property that first time buyers are interested in Zoopla analysed a three month period of leads from those identified in that group until January 2019.

 

About Zoopla

Hello. We're Zoopla. A property website and app.

We know you're not just looking for a place to live. You're looking for a home.

Yeah, we've got over a million properties for you to browse.

Tools that let you filter them in all kinds of clever ways.

And reliable house price estimates, so you can be sure you aren't paying over the odds.

But we know you're looking for more than that.

Because that first flat won't just be a 'great investment opportunity'.

It'll be the feeling of starting out on your own.

That extra bedroom won't just mean another £20K on the re-sale price, it'll mean having your sister over to stay.

And that bungalow won't just be a way to release some equity, it will be a chance to spend more time with the grandkids.

We know that searching for a home is about more than just checking its price, location and features (important as all those things are).

What really matters is how it makes you feel.

We know what a home is really worth.

So let us help you find yours.

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