Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.
Affordable Areas Lead First-Time Buyer Price Growth
New analysis from Rightmove indicates that some of Britain’s most affordable locations are experiencing the strongest growth in first-time buyer property prices. Bridlington in East Yorkshire and St Helens in Merseyside recorded the largest annual increases in asking prices for typical first-time buyer homes, with both markets seeing growth of 18% over the past year.
Other areas with notable double-digit increases include Falkirk and Hartlepool. Despite these rises, all of the fastest-growing locations remain relatively affordable, with average asking prices below £170,000. This trend highlights continued demand for lower-priced homes.
Nationally, the average asking price for a typical first-time buyer property—defined as a home with up to two bedrooms—has fallen by 0.7% over the past year to £228,048. In contrast, higher-priced southern markets have seen declines in asking prices, as buyers become more price-sensitive and have a wider choice of properties.
Rightmove’s analysis also found that St Albans is the most expensive location for first-time buyers outside London, with an average asking price of more than £400,000. Middlesbrough remains the most affordable, with an average asking price just over £90,000.
For letting agents and inventory clerks, these trends may influence demand in both affordable and higher-priced regions, as first-time buyers continue to seek value in the market.
Source: Property Industry Eye