Top 10 best cities for first-time buyers based on affordability and happiness

22 February 2024 , 15:06

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Co-op Bank has revealed the best cities for first-time buyers (Image: Getty Images)

The best cities for first-time buyers have been revealed - with the top place rated for affordable house prices, low crime rates and high life satisfaction.

New research by the Co-operative Bank has named Swansea as the top place to buy a home, with the average cost for first-time buyers coming in at £195,687. The Welsh city was rated for its excellent life satisfaction (7.5 out of 10) and also received a low crime score (35.5 out of 100).

Edinburgh comes in second place, with the lowest crime index score in the country (30.9) and the highest life satisfaction score (7.7) - although the average cost is higher at £346,293. In third place is Plymouth, where the total cost for first time buyers is £225,060, although it has a slightly higher crime score (41.5) and lower life satisfaction (7.5).

The most affordable place is Blackpool, which has an average price of £135,995. Kingston upon Hull is the second-most affordable spot, offering a total cost of £140,814, followed by Stoke-on-Trent, with an average total of £143,642.

London is unsurprisingly the most expensive city for first time buyers in the UK, with the total average spend adding up to a huge £547,560. Bristol is the second-most expensive city, where it costs an average £353,033 to buy your first home, followed by Edinburgh, where you could stump up £346,293.

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The Co-Operative analysed 30 cities for average house prices, crime rates and life satisfaction scores. Its average costs take into account additional fees such as conveyancing, surveying and stamp duty. A spokesperson said: “If you’re planning to buy your first home, the very first step is to save up money for a deposit. Typically, you’ll need to save a minimum of 10% of the cost of the property you want to buy.

“There are government schemes available to help you do this, like the Lifetime ISA (LISA) which lets you earn up to £1,000 extra a year through a 25% government bonus. You’ll also need to figure out how much you can afford to spend and create a budget. You can use tools like our mortgage calculator to see what property price you could afford or what your monthly mortgage repayment could be.

“Don’t forget to factor in extra costs too, like conveyancing and surveying fees. Finally, first time buyers especially could benefit from using a broker. They can help you find the best mortgage to suit your needs, and explain how the market works.”

Best UK cities for first-time buyers

• Swansea - £195,687
• Edinburgh - £346,293
• Plymouth - £225,060
• Sunderland - £147,319
• Sheffield - £222,570
• Leeds - £246,026
• Newport - £240,065
• Blackpool - £135,995
• Stoke-on-Trent - £143,642
• Kingston upon Hull - £140,814

Levi Winchester