Luton crowned number one hotspot for first time buyers

Study shows that Luton in Bedfordshire is the most popular town in the country for first-time buyers ..

According to a report published by online property portal Zoopla, the town of Luton in Bedfordshire tops the charts for first-time buyers across 20 hotspots in England, Scotland and Wales, with a typical property purchase priced at £250,000 with an average deposit of £37,500 (15%). The most popular property type is a three bed terraced house.

Regionally, the East of England is home to three more first time buyer hotspots, with Harlow, Essex coming in fifth – with an average house price of £275,000, requiring a deposit of £41,250.

While London property prices usually outprice first time property buyers locations in the capital occupy half of the top 20 list with Barking and Dagenham and Tower Hamlets ranked

in positions three and four with average property prices of £325,000 for a house in Barking and Dagenham and £445,000 for a two-bed flat in Tower Hamlets.

By contrast, Islington which is ranked in ninth position is the most expensive first time buyer hotspot in London, requiring a deposit of £78,750 for a typical house price of £525,000.

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, and our data shows that they remain very active within the capital. There is noticeable activity across the wider commuter zones into the East of England too, perhaps reflecting different commuting patterns for office-based workers. The hotspots in the West Midlands reflect activity in this market more widely, but also underlines how the increased affordability of housing in these markets is appealing to those climbing onto the housing ladder.

“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.”

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