Grimsby, Greenock and Burnley are among the most accessible locations for first-time buyers, according to new research from reallymoving.
reallymoving’s Home Affordability Map shows where first-time buyers can access the largest share of two-bedroom homes within the average regional first-time buyer budget.
The research identifies locations within a 60-minute commute of a major town or city where buyers have the greatest choice of homes within budget.
Grimsby in Lincolnshire was the strongest hotspot, with 99% of two-bedroom homes within the average Yorkshire and Humber first-time buyer budget of £154,000.
Greenock in Scotland also recorded 99%, based on an average regional budget of £159,000, while Burnley and Anfield in the North West both recorded 98%, against an average budget of £168,000.
Other high-ranking locations included Middlesbrough at 96%, Stoke-on-Trent at 95%, Great Yarmouth and Tonypandy both at 94%, and Erith in London at 92%.
reallymoving said the results highlighted sharp differences in affordability between local markets, even within regions where many areas remain out of reach.
In London, the strongest hotspots were Erith, where 92% of two-bedroom homes were within the average first-time buyer budget of £426,000, followed by Barking at 90% and Belvedere at 89%.
In the South East, Southampton led with 92%, ahead of Portsmouth at 84% and Milton Keynes at 82%, based on an average two-bedroom budget of £272,000.
Rob Houghton, founder and chief executive of reallymoving, said: “With affordability stretched and mortgage rates still high, First Time Buyers are under a great deal of pressure and many will assume they’ve been priced out of the market altogether. But affordability is much more localised than most people realise.
“By expanding their search by just a few miles and prioritising locations where they can access a wider pool of homes, First Time Buyers might be surprised at how much of the market they can access.
“Most of the hotspots we’ve identified are within established towns and cities, but buyers with hybrid or home working flexibility can unlock even greater buying power by searching further afield from major stations and transport hubs.
“It’s very much a buyers’ market at the moment and there are deals to be had at every price point – particularly with more landlords selling up as a consequence of the Renters’ Rights Act.
“By ensuring they’re searching in locations where they have plenty of choice, First Time Buyers have much better chance of finding a suitable property and negotiating a good deal.”
