Scotland continues to attract first time buyers with Glasgow being the best UK city for getting on the ladder

Aldermore’s First Time Buyer (FTB) Appeal Index reveals that for the third year, Glasgow is the best city in the UK for FTBs to buy followed by Dundee and Aberdeen
Southend, Maidstone and Basildon continue to be ranked the least attractive cities for FTBs, predominately due to affordability concerns
Coventry makes the biggest leap this year jumping 16 places from 29^th in 2023 to 13^th, followed by Portsmouth from 25^th place to 11^th place

Aldermore’s First Time Buyer Appeal Index¹, analysing 50 cities across the UK to understand the best places for first time buyers to buy, has revealed that for the third year running, Glasgow has taken the top-spot.

The Appeal Index looks at 10 indicators across two key pillars to assess FTB desirability. The property pillar examines affordability, house-price growth, the number of FTBs already buying locally and the size of the average FTB deposit relative to local incomes. The lifestyle pillar examines other factors likely to influence FTBs such as commute times, local amenities and the percentage of young people living locally. [Full details in the notes to editors]

Navigating the home-buying process continues to be a challenge for FTBs but despite some difficulties, the Appeal Index reveals there are cities that continue to offer strong potential for those wanting to take their first step onto the property ladder.

Scotland dominates the leaderboard

Scottish cities continue to offer the best options for first time buyers looking to lay down their roots, with Glasgow claiming the top spot. The city boasts a strong population of 25–35-year-olds, the highest share of sales from first time buyers of all the cities analysed (64%) and an average selling price of £155,562. Glasgow also has a significant number of amenities due to its diverse nightlife and offers a significant number of job opportunities for highly skilled workers (61% of the workforce are graduates).

However, the Appeal Index revealed there are some downsides such as a higher than average commute of 20 minutes.

Aldermore’s First Time Buyer Appeal Index’s top 10 ‘hotspots’:

Ranking	City	Region	Overall Score
1	Glasgow	Scotland	75
2	Dundee	Scotland	70
3	Aberdeen	Scotland	70
4	Swansea	Wales	63
5	Manchester	North West	63
6	Liverpool	North West	63
7	Newcastle	North East	61
8	Edinburgh	Scotland	61
9	Derby	East Midlands	60
10	Leeds	Yorkshire	60

[Table of all 50 cities included in Notes to Editors]

Up and coming hotspots

Coventry (13^th) and Portsmouth (11^th) climbed 16 and 14 places respectively. Portsmouth scored particularly high on the lifestyle pillar with FTBs earning one of the highest average salaries (£37,778) and enjoying good local amenities. FTBs also made up a good proportion of sales in the city (56%) although the average purchase price is higher than in many other cities (£234,629). First time buyers in Coventry had reasonable purchase prices and steady house price growth (4% per annum) with an average deposit of £39,518, making it more attainable than most other cities.

Wigan (20^th) is the strongest city for future investment opportunities, with an average annual increase in property values of 7% projected. With reasonable property prices (£161,358) but a low number of young people living locally (18% aged between 25-35) more could be done to try and attract FTBs.

‘Red flag’ spots for first time buyers

Commuter towns Southend (48^th), Maidstone (49^th) and Basildon (50^th) continue to be the least attractive areas for those looking to get on the property ladder with high property prices, low house growth potential and a lack of local affordability making it hard for FTBs to buy there.

Aldermore’s First Time Buyer Appeal Index’s lowest-ranking cities:

Ranking	City	Region	Overall Score
50	Basildon	East	23
49	Maidstone	South East	27
48	Southend	East	28
47	Chelmsford	East	30
46	Bournemouth	South West	35
45	Luton	East	36
44	London	London	40
43	Bradford	Yorkshire	40
42	Northampton	East Midlands	41
41	Cambridge	East	42

Jon Cooper, director of mortgages at Aldermore said:

“Buying your first property remains a major life goal for millions of people across the country, despite the many challenges of getting on the housing ladder. Our Appeal Index demonstrates there are buying opportunities in every region, with cities offering different attributes for first time buyers. Even with the significant market and political uncertainty our insights show there are still options available for first time buyers hoping to realise their dream.

“Would-be buyers should plan carefully to ensure they are prepared for the range of costs involved and should seek advice from a broker, who can help guide them through the process and navigate the complexity of the process.”

N.B. At Aldermore, we know the difficulties first time buyers face in raising a deposit, so we have compiled our top tips to help those looking to achieve their homebuying dreams [see notes to editors].

Notes to editors

Aldermore’s First Time Buyer Appeal Index 2024 Top 50 Ranking Table:

Ranking	2024	+/-change	2023 ranking
1	Glasgow	-	1
2	Dundee	-	2
3	Aberdeen	-	3
4	Swansea	+3	7
5	Manchester	-1	4
6	Liverpool	-1	5
7	Newcastle	-1	6
8	Edinburgh	+2	10
9	Derby	-1	8
10	Leeds	+3	13
11	Portsmouth	+14	25
12	Hull	+8	20
13	Coventry	+16	29
14	Wakefield	-	14
15	Newport	-6	9
16	Cardiff	+2	18
17	Nottingham	-	17
18	Barnsley	+10	28
19	Doncaster	+7	26
20	Wigan	+3	23
21	Norwich	+9	30
22	Leicester	-11	11
23	Bristol	+1	24
24	Southampton	-9	15
25	Telford	-4	21
26	Belfast	-7	19
27	Stoke	-11	16
28	Milton Keynes	+9	37
29	Wolverhampton	-7	22
30	Warrington	+2	32
31	Reading	+9	40
32	Plymouth	+7	39
33	Birmingham	-21	12
34	Sunderland	+7	41
35	Oxford	-	35
36	Sheffield	-9	27
37	Brighton	-3	34
38	York	-	38
39	Swindon	-3	36
40	Peterborough	+4	44
41	Cambridge	-8	33
42	Northampton	+3	45
43	Bradford	-12	31
44	London	-1	43
45	Luton	-3	42
46	Bournemouth	-	46
47	Chelmsford	+2	49
48	Southend	-1	47
49	Maidstone	+1	50
50	Basildon	-2	48

¹Aldermore’s First Time Buyer Appeal Index was designed by Opinium and comprises 10 key indicators across two pillars. The index uses a series of secondary data sources including ONS, Census, NOMIS and other official housing statistics.

Property Pillar indicators:

Average FTB selling price
Average increase in FTB price
FTBs as a share of sales
Average FTB deposit/x average income

Lifestyle Pillar indicators:

Percentage of population aged 25-35
Average commute time
Restaurants and pubs per 10 thousand people
Average life satisfaction
Percentage of highly skilled workforce
Average full time pay

Aldermore’s Top Tips for saving for a deposit:

Don’t just put aside loose change, try and save a set amount each month – Rather than putting aside only the money you have left over at the end of the month, try to save a set amount regularly and consistently. It’s also worth looking at the typical property prices in the areas you’re interested in buying. This will help give you an idea of how much of a deposit you’ll need to save and estimate how long it will take to reach this goal.
Assess your living situation – Renting can take a big chunk of your monthly income. If you live alone, consider renting with friends or living in a house-share as this will typically be cheaper than renting a one bedroom property alone. It will also help reduce monthly utility bills, in turn helping you to save more each month. For those who are able to move in with parents or family temporarily, this could be another alternative to renting altogether.
Location is key – But having realistic expectations of what to expect before you start looking helps reduce wasted time; decide on where you want to live and if you can afford a property in your desired location. If not, you’ll need to compromise on destination, perhaps moving slightly further out.
Cut down on unnecessary spending – We all deserve a treat now and again, but unnecessary spending habits may be sabotaging your savings. Small changes over time, such as making your own coffee or lunch a few days a week, can add up. It’s also worth reviewing your direct debits and bank statements to identify any subscriptions you may have signed up for, which you do not make use of anymore.
Review your savings habits regularly – If you are having difficulty meeting your target amount, reduce your monthly contributions to make it more manageable. If you receive a pay rise, a financial gift or find your monthly outgoings are reduced, consider increasing these contributions to reach your homebuying goal sooner.

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For further information about Aldermore, please review our Notes to Editors page.