The UK’s largest property website has named its best cities for buyers stepping onto the property ladder for the first time. Asking prices are currently soaring across the country, which, while good news for vendors, can make scraping a deposit together more tricky for first-time buyers. Rightmove said over the past year, asking prices in country and coastal towns have kept rising as people moved away from cities during lockdown for a quieter way of life.
However, in some of the country’s largest and most popular city centres, a mass exodus of buyers has seen property prices remain stunted or drop off.
With lockdown restrictions slowly easing across the nation, demand from buyers in city centres is finally starting to pick back up again.
If you’re a first-time buyers, now might be the chance to buy in a city centre while prices are “cheaper than normal”.
Rightmove looked at city centres across the country where asking prices have dropped the most or remained the same since January 2021.
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Average asking prices are £124,097 which could get you a one or two-bedroom flat in the city centre.
If you fancy a three-bedroom flat or house, that will cost you around £300,000.
The average asking price in Britain has hit a whopping £333,564, according to Rightmove figures, so a property in one of these cities is a great option for a first-time buyer looking for a good deal.
Another great option for first-time buyers is Nottingham city centre where the average asking price has dropped by £5,000 to £178,390.
Cardiff city centre asking prices are also two percent cheaper compared to January 2021, with the average asking price now being £209,130.
Southampton city centre is also another great option for first-time buyers where average asking prices have fallen by one percent to £206,637.
Londoners looking for a bargain may also be in luck as asking prices in the capital remain at a standstill.
The average cost of a first-time buyer home on average is £477,000 – almost three times more than other cities.
Rightmove’s property expert Tim Bannister has said there are early signs that city prices could start rising again as demand picks up.
According to a survey of first-time buyers from Rightmove, one in five have said they are either planning to use, or are already using the government’s 95 percent mortgage guarantee scheme.
The scheme was introduced in April which allows you to borrow up to 95 percent of the purchase price of the home you want to buy while providing a five percent deposit.
Instead of having to fork out for a 15 or 20 percent deposit, first-time buyers can now buy a home worth up to £600,000 with a five percent deposit.
Whether you’re a first-time buyer or a seasoned pro, the property market is incredibly busy right now which means it’s likely to be competitive.
Rigtmove said in the past two months, they have seen more people searching for homes in cities – especially flats with two or three bedrooms for office space.