Manchester has been named the most popular city for first-time buyers outside of London, with new homeowners accounting for 75% of house sales in 2023, research from a lender found.
A study from Halifax showed first-time buyers in Manchester paid an average of £212,891 for their first home, around £35,000 less than the national average. The proportion of sales to first-time buyers was up from a share of 65% in 2022.
The city was closely followed by Slough, where first-time buyers made up 73% of all purchasers, up from 54% previously. While the average property price was £75,000 above the national average, at £322,961, Halifax said its transport connections, proximity to London and strong employment market made it an attractive location.
With an average first-time buyer property price of £179,058, Sandwell was the third-most popular area for those getting onto the property ladder. Here, first-time buyers made up 73% of all house sales in 2023, slightly up on the 71% of sales in 2022.
Out of the 10 local areas recorded, Wolverhampton and Luton were the least popular regions for first-time buyers, where they made up 70% of all home purchases last year.
Excluding London, Halifax found that first-time buyers across Great Britain accounted for 49% of all home sales in 2023, paying £247,862 on average.
Amanda Bryden, head of Halifax Mortgages, said: “Deciding when and where to buy your first home is a deeply personal choice. While saving for a deposit and navigating higher interest rates pose a significant challenge for many prospective homeowners, life often intervenes and major milestones such as starting a new job or beginning a family can sway the decision.
“First-time buyers are often more willing to relocate to new areas in pursuit of finding the ideal home within their financial reach. This flexibility opens up a broader range of possibilities and can lead to more affordable housing options.”
She added: “Buying your own home remains one of the best long-term financial decisions you can make, and across the UK, several locations stand out for their appeal to first-time buyers. Notably, Manchester, with its diverse property styles and vibrant cultural scene, has become a magnet for those taking their first steps into homeownership.”
This research comes after the Lloyds Banking Group and Halifax entity announced it had allocated £2bn to help first-time buyers get onto the property ladder, with higher income multiples of five-and-a-half.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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