Glasgow named most attractive city for first-time buyers in Scotland
An Index compiled by Aldermore Bank has highlighted the best cities in the UK for people looking to purchase their first home, with Glasgow retaining the top spot for the second year running.
The Index evaluates 50 cities across the UK applying 10 different factors including affordability of property, average life satisfaction and lifestyle opportunities to determine the most appealing urban locations for first-time buyers. Dundee and Aberdeen complete the podium finishes, while Edinburgh also appears in the top 10.
Despite issues in recent years including rising mortgage interest rates and an unusual and challenging property market, the message in this index is a positive one for first-time buyers looking to get on the property ladder in attractive and affordable Scottish locations.
According to Aldermore Bank’s Index, first-time buyers in Scotland are better-able to raise a deposit for properties compared to the rest of the UK, with a “smaller average deposit to income ratio” required. With first-time property prices in Glasgow averaging £158,310, and enticing graduate opportunities, competitive wages and a vibrant social scene, it’s no wonder Glasgow came out on top as the most attractive location for first-time buyers.
Head of Conveyancing at Watermans, Shawn Wood, says
“It’s great to see Glasgow topping the list again this year as a desirable location for first-time buyers. We are certainly seeing a larger increase in purchase transactions in Glasgow with younger people looking to get on the property ladder.”
“People see Glasgow as providing much better value compared to other locations in the UK, which is really important to first-time buyers. With interest rates at a consistently high level and the cost of living remaining high, buyers see Glasgow as the perfect place to purchase their first home.”