Bath is the best place for those looking to get on the property ladder, according to new data from MoneySuperMarket.
Its report ranks 35 cities against six important factors for first-time buyers including job opportunities, average salary, disposable income, rate of contents theft and average cost of a one-bedroom property.
While Bath has moved from second to first place over the last year, due in part to an improvement in job opportunities, London remains in last place, thanks to high property prices and a higher-than-average rate of contents theft.
This year’s First-Time Buyer Index sees several changes in the rankings, with Wolverhampton coming in second, up one place from last year’s report. Chester is up five places to third, helped by an increase in job opportunities. Last year’s best place for first-time buyers, Oxford, drops from first to eighth place due to its high contents theft rate, which is up from 12.2 to 30.5 per 1,000 capita.
Welsh capital Cardiff has also plummeted down the rankings, from 10th to 28th place, due to a 123% increase in the rate of contents theft. On the flip side, seaside city Brighton has jumped up 10 places to 12th position due to a 28% increase in income score, which maps disposable income and annual salary.
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket said, “For many, buying your first property is one of life’s great milestones and can be incredibly exciting.
“However, as is the case with any financial decision you make, it pays to think carefully about your budget and do your own research before committing to anything. As well as looking at house prices in your area of choice, measures such as crime rates and local job opportunities can help inform your decision and ensure you’re in the location best suited to you.
“It’s also important to start thinking about your credit score, as mortgage lenders will check your credit history to see whether you’re a reliable borrower and will use this and its affordability assessment to decide how much you can borrow.”