The average price for a home in the UK currently stands at £218,964, and according to official figures, and first time buyers currently pay £184,423 for their first house in Great Britain. With figures like this highlighting the small margins between what first time buyers and seasoned homeowners are paying for their homes, it’s unsurprising that multiple reports have suggested that there are thousands of first time buyers essentially being priced out of the market, unable to get their feet firmly on the property ladder. Add that together with the Help to Buy Scheme coming to an end, and the property market can seem out of reach for the already downhearted generation.
I Am The Agent, one of the country’s leading online estate agents dedicated to a different way of working, has highlighted the best areas for first time buyers based on affordability of house prices and the strength of the area’s economy.
Scotland attracts house buyers of all ages due to its numerous opportunities and picturesque countryside. And thanks to its growing economy and affordable housing, is one of the best places for first time buyers when it comes to getting onto the property ladder. The average house price in Scotland currently stands at £144,561, while according to the official figures the GVA per capita is £21,982.
The East Midlands has seen significant growth over the last decade. Nottingham and Leicester are two cities that have really come into their own, with buzzing city centres and an increasing number of job opportunities. As a result, the region’s value per capita stands at £19,317, while house prices are well below the national average, standing at £175,610, but both are growing steadily.
Rebecca Peach, Managing Director at I Am The Agent, said, “It is becoming difficult for first time buyers to get onto the ladder, but it’s important to remember there are hotspots around the UK offer everything first time buyers are looking for – vibrant cities, numerous job opportunities and access to rural areas – but command less money for a property.”
The West Midlands is another hotbed according to figures. Once a lively industrial area, since the 1980s many areas have suffered. However thanks to Birmingham becoming a city to be reckoned with, the region has expanded and investment from a number of companies has led to the reinvigoration of many areas. The average house price in the region is a much more affordable £179,429, with the GVA standing at a shade about East Midlands’, at £19,428.
The average UK GVA is £23,755, but this does take into consideration London. When the capital is excluded, the GVA stands at just over £20,076.
Rebecca, adds, “The Help to Buy Scheme really gave first timers hope, and that closing is certainly a blow for some. But if prospective homeowners are committed to getting on the market, it is worth looking at other locations to see if they offer what they are looking for, both now and in the future, but in a more affordable way.”
I Am The Agent prides itself on taking a different approach to selling and letting houses. It focuses on letting the homeowner become the agent, giving them full control over the marketing of their property, but offering them help, when and should, they need it.
The company’s revolutionary website gives full control back to the person who knows the property best – the owner. Homeowners with a property to sell or let are able to simply highlight its features and selling points before promoting it on some of the UK’s largest property portals, including Rightmove, Zoopla, Prime Location, Needa Property and Globrix, for a single fixed fee.
The service is completely transparent, with all fees stated upfront. Packages start from as little as £19 including VAT.
