Fresh analysis from Rightmove has revealed the areas of Great Britain where first-time buyer demand is continuing to rise despite a wider slowdown across the housing market.
West Oxfordshire has emerged as the country’s strongest-performing hotspot for first-time buyers, with demand for typical starter homes surging by 45% year-on-year, according to the property portal’s latest data.
Rightmove defines first-time buyer properties as homes with up to two bedrooms, typically representing the first rung on the housing ladder.
The sharp rise in demand across West Oxfordshire appears to have been driven by a combination of improving supply and stable pricing conditions. The number of available first-time buyer homes on the market has jumped by 37% compared with last year, while average asking prices have edged down by 0.8%.
East Staffordshire and Bracknell Forest also recorded strong growth in buyer activity, with demand rising by 31% and 28% respectively.
The findings stand in contrast to the national picture, where first-time buyer demand is currently running 4% below the same period last year.
Despite elevated mortgage costs continuing to weigh on affordability, first-time buyers are proving more resilient than the wider market. Rightmove said the average monthly mortgage payment for a typical first-time buyer has now climbed to £998 per month, up from £904 in February.
Yet demand from aspiring homeowners remains robust, with separate figures from UK Finance showing that first-time buyers now account for around 55% of all home purchases, compared with just 39% 15 years ago.
The data suggests affordability, connectivity and greater housing choice are helping to drive demand in the strongest-performing areas.
Many of the top-performing locations benefit from strong transport connections into London or other major employment centres, highlighting the continued importance of commuting links for buyers seeking relative value outside larger cities.
Pricing also remains a key factor. Rightmove’s analysis found that 17 of the top 25 first-time buyer hotspots have average asking prices below the national average of £228,048 for a typical starter home.
At the same time, increased stock levels appear to be giving buyers more opportunities to enter the market. Available supply of first-time buyer properties rose year-on-year in 21 of the top 25 hotspots, increasing by an average of 14% — significantly ahead of the national increase of 4%.
Rightmove’s Colleen Babcock said: “First-time buyers are more exposed to mortgage rate rises, so it was quite surprising to see this sector holding up more strongly than the wider market. While overall buyer demand is lower than last year, there are pockets of Great Britain seeing more activity, where local factors are making a real difference.
“In some of these areas, a rise in the number of suitable starter homes coming onto the market, alongside prices edging down year-on-year, is helping to improve affordability and support demand for first-time buyer properties, with each local market shaped by its own unique dynamics and local economy.”
Local trends
| Local Authority | Average asking price | Average asking price year-on-year | Increase in demand year-on-year |
| West Oxfordshire | £283,172 | -1% | +45% |
| East Staffordshire | £163,882 | +2% | +31% |
| Bracknell Forest | £285,503 | -1% | +28% |
| South Ayrshire | £118,839 | +4% | +25% |
| Aberdeen City | £96,320 | -1% | +22% |
| Melton | £188,353 | 0% | +21% |
| Tandridge | £334,142 | -6% | +19% |
| East Ayrshire | £87,241 | 0% | +18% |
| Blackburn with Darwen | £115,301 | +3% | +18% |
| West Dunbartonshire | £111,065 | +6% | +18% |
| Mansfield | £144,273 | 0% | +18% |
| Charnwood | £175,908 | -1% | +17% |
| Ceredigion | £190,858 | -1% | +17% |
| Uttlesford | £298,568 | -1% | +16% |
| East Cambridgeshire | £239,005 | +2% | +16% |
| Kingston upon Hull, City of | £102,069 | +3% | +16% |
| North East Lincolnshire | £112,997 | 0% | +15% |
| Stroud | £238,620 | -1% | +15% |
| Ribble Valley | £194,889 | +3% | +15% |
| Chorley | £169,848 | +11% | +15% |
| Eastleigh | £239,650 | -1% | +15% |
| Sefton | £148,455 | +6% | +14% |
| Lichfield | £237,472 | +3% | +14% |
| Wirral | £153,995 | +7% | +14% |
| Stoke-on-Trent | £123,325 | +4% | +14% |
Read the orginal article: https://propertyindustryeye.com/the-uk-locations-where-first-time-buyer-activity-is-still-booming/?utm_source=rss&utm_medium=rss&utm_campaign=the-uk-locations-where-first-time-buyer-activity-is-still-booming
