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UK’s best help-to-buy cities named

By Vin Parmar on in Buying, Industry News

UK’s best help-to-buy cities named

Entering the property market can be daunting for a first-time buyer in today’s economic climate. But many have taken advantage of help-to-buy schemes and ISAs to get a foot on the property ladder.

First-time buyers can get equity loans of up to 20 per cent (or 40 per cent in London boroughs) of the property’s total value, making it easier to buy a home with just 5 per cent deposit.

Even though help-to-buy has become an easier option for most, there are some areas in the UK which do not offer equal opportunities.

Top 3 desirable help-to-buy districts

Out of 388 government-defined regions, the top help-to-buy hotspots are:

1. Central Bedfordshire
This Eastern district hit first place with the highest number of equity loans (1710) per capita, and 245 properties bought using the help-to-buy ISA. This district beat competitors as the best place to buy a property using help-to-buy in the UK.

2. Chorley
This Lancashire market town came second place with a low average property cost of £182,218. This makes buying a home through the help-to-buy scheme more achievable. This district has the lowest average minimum deposit – £9,141 – out of the top 5 districts, and the government gave a high number of equity loans per capita.

3. Cheshire West and Cheshire
This is the second area in North West to show up among the top scoring districts. Cheshire West and Cheshire scored high with the number of help-to-buy ISA property completions per capita. It showed up as the highest in the UK, with 495 residents using the scheme.

Top 3 help-to-buy cities

Research from TotallyMoney shows which cities in the UK are best for first-time buyers looking to use help-to-buy options. The friendliest cities are:

1. Wakefield
Located between Leeds and York, Wakefield tops the most populated cities for help-to-buy hotspots. This area has one of the highest levels of help-to-buy ISA property completions, helping 610 residents buy new homes between December 2015 and March 2017.

2. Hull
In second place, and a Yorkshire hotspot, this port city scored high in equity loans per capita. Hull has a low average property cost of £134,452, which means the 5 per cent deposit is the cheapest of any city at £6,722.

3. Salford
Salford is home to MediaCityUK. It’s a bronze location with 437 residents who bought homes using the help-to-buy ISA. It has a good level of equity loans per capita, boosting its rankings.

Top 15 help-to-buy cities

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Feature image Credit: MrPanyGoff