These UK city centres are the best value for first-time buyers

With the stamp duty holiday (and its extension), people have been thinking more than ever about getting on the property ladder over the past year.

And – due to the pandemic – it looks like built-up cities, like London, are becoming less desirable – as people turn to rural locations with more space and greenery.

This means property prices in city centres are falling, so are finally becoming a little more affordable for first-time buyers – and new data from Rightmove sheds light on this.

Figures show that prices in central Leeds and central Sheffield fell by 4% between January and April of this year.

In the city centre of Leeds, they’ve dropped by around £6,000 since the start of the year – now a two-bed flat with a balcony is achievable on a £160,000 budget.

While, over in Sheffield, a typical one or two-bed flat will now set you back around £125,00 – down more than £4,000 since the start of 2021.

In central Nottingham prices dropped by 3% in the same period, while Cardiff saw a 2% dip.

Elsewhere Southampton, Liverpool, Birmingham and Norwich also saw a 1% decrease.

It’s bad news for those looking to buy in London, Manchester, Hull and Newcastle as property prices haven’t changed. Those in the capital still remain very much unaffordable, at £477,001 for the average asking price. 

However, it’s even worse for those wanting to buy in Edinburgh, Glasgow, Leicester, Oxford and York, as prices actually began to rise up during this period.

While it’s a mixed bag, it does mean properties in some city centres are becoming more affordable.

Tim Bannister, from Rightmove, commented: ‘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.’

City centre property finds from Rightmove:

One–bed flat, Leeds, £155,000

One-bed flat, Sheffield, £120,000

One-bed flat, Nottingham, £175,000

One-bed flat, Cardiff, £210,000

Two-bed flat, Southampton, £200,000

One-bed flat, Liverpool, £160,000

One-bed, Birmingham, £215,000

Three-bed house, Norwich, £225,000

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