Most popular areas for first-time buyers revealed
The London borough of Barking and Dagenham is Britain’s most popular location for those looking to buy their first home according to Zoopla.
In Barking and Dagenham, 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.
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.
The research found that areas popular with first-time buyers are all within reach of the UK’s biggest cities but are still relatively affordable, such as Oldham in Manchester.
This comes after Zoopla introduced the Zooploma which is a series of guides and information designed to help first-time buyers navigate the complexities of getting on the property ladder in 2020.
Richard Donnell, research director at Zoopla, said: “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 past 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.”