In 2023, the real estate market witnessed a significant decrease in the number of first-time buyers, with a 21% drop compared to the previous year, totaling 293,339 new homeowners. This decline is attributed mainly to the growing challenges related to affordability, as more potential buyers find themselves priced out of the market.
To understand the dynamics of the market better, it’s insightful to examine specific areas that stand out as local value hotspots. For instance, the BD1 postcode in Bradford emerges as a noteworthy example, presenting an average property price of £69,939. This figure is not only below the local average but also considerably lower than the national averages, which stand at £358,457 for England and £225,025 for Wales. Such disparities highlight the opportunity for first-time buyers to find more accessible entry points into homeownership, especially in areas where property prices are substantially lower than other regions across the UK.
A detailed analysis reveals that the majority of the 20 most affordable locations for first-time buyers are concentrated in the North East of England, with over half of these areas located in this region. Additionally, four can be found in the North West, three in Yorkshire and the Humber, and two in Wales. This geographical distribution underscores the varying degrees of market accessibility across the country, offering valuable insights for those looking to make their first foray into the property market. The data, sourced from #Dataloft, Land Registry, and based on the average sales price achieved in the last 12 months (Dec 22 – Nov 23) across all property types, further supported by Halifax, serves as a critical resource for understanding market trends and identifying potential opportunities for first-time buyers.
