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Zoopla unveils first-time buyer hotspots

Zoopla has revealed what it sees as the top 20 hotspots for first-time buyers in England, Scotland, and Wales.

Luton, Bedfordshire, is the most popular town in the country for first-time buyers, with a typical deposit of £37,500 required to purchase a home.

Wolverhampton comes in second place, with its West Midlands counterparts Sandwell, Coventry and South Staffordshire all featuring in the top 20.

Locations in London occupy ten of the top 20 most popular areas, with Barking and Dagenham identified as the capital’s first-time buyer hotspot,

Gráinne Gilmore, Head of Research at Zoopla comments: “Activity levels in the housing market have been building across the country in recent months following sharp increases in buyer demand. First-time buyers remain one of the largest cohorts of purchasers across the country.”

“Activity levels will remain elevated into next year, and first-time buyers in many of these hotspots will still be able to secure a home with no stamp duty to pay or a reduced bill even after the end of the stamp duty holiday. The stamp duty exemption for first-time buyers on homes worth up to £300,000, which applies to homes worth up to £500,000, will remain in place after the stamp duty holiday ends on March 31st.”

Top 20 first time buyer hotspots 

RankRegionLocal AuthorityTypical first-time buyers’ house price*Deposit required (15%)Household Income required**Most popular property type for first-time buyers’
1East of EnglandLuton£ 250,000£ 37,500£ 47,0003-bed terraced
2West MidlandsWolverhampton£ 145,000£ 21,750£ 27,0003-bed semi-detached
3LondonBarking and Dagenham£ 325,000£ 48,750£ 61,0003-bed terraced
4LondonTower
Hamlets
£ 445,000£ 66,750£ 84,0002-bed flat
5East of EnglandHarlow£ 275,000£ 41,250£ 52,0003-bed terraced
6LondonHackney£ 475,000£ 71,250£ 90,0002-bed flat
7LondonNewham£ 350,000£ 52,500£ 66,0002-bed flat
8West MidlandsSandwell£ 160,000£ 24,000£ 30,0003-bed semi-detached
9LondonIslington£ 525,000£ 78,750£ 99,0002-bed flat
10LondonGreenwich£ 350,000£ 52,500£ 66,0002-bed flat
11East of EnglandThurrock£ 285,000£ 42,750£ 54,0003-bed terraced
12LondonWaltham
Forest
£ 400,000£ 60,000£ 76,0002-bed flat
13East of EnglandBasildon£ 270,000£ 40,500£ 51,0003-bed terraced
14LondonSouthwark£ 450,000£ 67,500£ 85,0002-bed flat
15West MidlandsCoventry£ 170,000£ 25,500£ 32,0003-bed terraced
16LondonLewisham£ 375,000£ 56,250£ 71,0002-bed flat
17West MidlandsSouth Staffordshire£ 150,000£ 22,500£ 28,0003-bed semi-detached
18LondonHounslow£ 400,000£ 60,000£ 76,0002-bed flat
19South EastSlough£ 345,000£ 51,750£ 65,0003-bed terraced
20South EastReading£ 260,000£ 39,000£ 49,0002-bed flat

Original Article from Property Industry Eye 02/12/2020

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