There has been a lot of talk about people moving to the countryside, fleeing the city, but this has created a set of circumstances which help first-time buyers move to certain cities.
In Rightmove’s analysis of the market over then first four months of the year, the average asking price for city centre property in Leeds dropped by 4%. In January 2021, the average asking price for Leeds’ property was £166,760; and by April 2021, the average asking price was £159,972.
Leeds offers tremendous value for moneyThis might not be fantastic news for homeowners looking to sell, but for first-time buyers, there is tremendous value on offer in the capital. It is not out of the question to find a spacious two-bedroom and two-bathroom property, with a balcony by the canal, for £160,000.
At the time of Rightmove’s analysis, there were 150 flats advertised for sale in the heart of Leeds, all priced at £160,000 or less. Close to half of these properties have parking facilities available, and close to 25% of these listings offer some form of outdoor space.
There is additional help on offer for first-time buyersRightmove has also cited the 95% mortgage guarantee scheme, which is now in place, alongside the consistency in city centre prices as a factor which has helped first-time buyers step on to the property ladder. There is no denying a lot of things need to come together to help first-time buyers purchase property.
Saving for a deposit and ensuring their finances are in a robust position will always be the ideal starting point for any prospective home buyer. However, when the timing is right and external factors are helpful, there is no reason why these buyers cannot feel more confident about owning property of their own.
Rightmove’s Housing Expert Tim Bannister says: “These are early signs but they certainly point to some good news for city centres across Great Britain, with a number of agents now telling me they’ve seen a marked uptick in demand from first-time buyers, and they’re managing to sell city centre flats more quickly than in earlier months of the year. People starting to venture in to their local high streets and once again experiencing the buzz of their city centres, along with greater mortgage availability for first-time buyers, means city centres are staging a much-needed comeback in the market.”
Tim Bannister concluded by saying; “Right now some buyers are able to grab a relative city bargain compared to the heady price growth outside cities, but these early signs of demand could be the start of city prices rising again, so for those home-hunters who have their sights set on a city centre flat now is the time to see what’s available.”
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