Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Rightmove Identifies Fastest-Rising First-Time Buyer Hotspots
Bridlington in East Riding of Yorkshire and St Helens in Merseyside have recorded the fastest increases in first-time buyer asking prices across Great Britain, according to Rightmove. Both areas have seen average asking prices rise by 18% compared to last year.
The average asking price for a home in Bridlington now stands at £167,321, while in St Helens it is £133,106. Falkirk in Stirlingshire and Hartlepool follow, with average asking prices up 17% to £118,327 and 12% to £104,276 respectively. All of these locations remain below the £170,000 asking price mark, which Rightmove says highlights continued demand for affordable homes among first-time buyers.
Across Great Britain, the average asking price for a typical first-time buyer property with up to two bedrooms is now £228,048, representing a 0.7% decrease compared to the same period last year. In contrast, higher-priced southern markets such as Brighton and Southampton have seen declines in first-time buyer asking prices, which Rightmove attributes to affordability constraints and higher levels of available stock.
St Albans in Hertfordshire is identified as the most expensive area for first-time buyers, with an average asking price of £401,352. Middlesbrough is listed as the most affordable, with an average asking price of £90,929.
For letting agents and inventory clerks, these trends may signal shifting demand patterns, with increased activity in more affordable regions and slower growth in higher-priced southern markets.
Source: Mortgage Strategy