The UK's housing market is undergoing a subtle shift, with graduates and young professionals increasingly weighing up housing costs alongside career prospects. This trend is decades in the making, driven by rising costs in London and a desire for more affordable options in regional cities. The top 10 cities for first-time buyers, according to Savills, offer a dynamic jobs market, vibrant neighbourhoods, and a balance between property affordability and income. These cities are Stoke-on-Trent, Hull, Derby, Milton Keynes, Liverpool, Plymouth, Southampton, Cardiff, Glasgow, and Norwich.
Stoke-on-Trent, with an average flat price of £88,448 and a flat price to income ratio of 2.5, is the cheapest of the 10 cities. It's well-connected, with easy access to London and Manchester, and offers a mix of green spaces and urban amenities. Hull, with an average flat price of £91,815 and a flat price to income ratio of 2.7, is another attractive option, known for its affordability, employment opportunities, and quality of life.
Derby, with an average flat price of £111,529 and a flat price to income ratio of 2.9, is an industrial hub with a strong economy. It's well-positioned for those working in London, Oxford, and Cambridge, while remaining more affordable than neighbouring Nottingham. Milton Keynes, with an average flat price of £177,694 and a flat price to income ratio of 4.3, is Britain's biggest purpose-built new town, offering lower housing costs and easy access to London, Oxford, and Cambridge.
Liverpool, with an average flat price of £160,286 and a flat price to income ratio of 4.4, is a Unesco City of Music with a thriving cultural scene. It's cheaper than neighbouring Manchester and offers a mix of independent cafes, restaurants, and a growing fintech sector. Plymouth, with an average flat price of £152,286 and a flat price to income ratio of 4.5, is undergoing significant change with government investments in defence and a growing economy.
Southampton, with an average flat price of £170,211 and a flat price to income ratio of 4.7, is one of the UK's greenest cities with a strong jobs market in healthcare, maritime, and logistics. Cardiff, with an average flat price of £174,944 and a flat price to income ratio of 4.8, has a growing economy and a focus on the digital sector and tech. Glasgow, with an average flat price of £195,800 and a flat price to income ratio of 5, is a cultural and creative hub with a strong leisure scene.
Norwich, with an average flat price of £159,671 and a flat price to income ratio of 5, is rapidly becoming a key 'starter city' with a focus on science and the arts. It offers a mix of affordable housing and a vibrant urban lifestyle. These cities represent a shift in housing and migration patterns, offering a balance between career prospects and affordable living, and are worth considering for those looking to get on the property ladder.
