Greenock Named Scotland's Most Affordable First-time Buyer Town

Greenock Named Scotland's Leading Affordability Hotspot for First-Time Buyers

Greenock has been identified as Scotland's leading affordability hotspot for first-time buyers, according to new research examining the average cost of two-bedroom homes across the country.

The Inverclyde town topped a ranking compiled by property specialists Reallymoving, with the average price of a two-bedroom property in the PA15 postcode recorded at £159,000. As a result, Greenock was found to be the most accessible location for first-time buyers in Scotland, ahead of Stevenston in North Ayrshire and Glasgow's G34 postcode area.

According to the research, an impressive 99 per cent of Greenock's two-bedroom homes fall within the budget of the average Scottish first-time buyer.

The findings form part of Reallymoving's new interactive Home Affordability Map, designed to help buyers identify areas where they can access the greatest proportion of the housing market based on their budget and preferred property size.

The tool allows homebuyers to search by budget and bedroom requirement, highlighting locations that offer the widest choice of affordable homes and helping buyers uncover opportunities they may not have previously considered.

Across the UK, a number of affordability hotspots emerged, including Grimsby in Lincolnshire, Burnley in Lancashire and Tonypandy in South Wales. In each location, more than 90 per cent of the local two-bedroom housing market was found to be within reach of first-time buyers.

Even in traditionally more expensive regions such as London and the South East, pockets of affordability remain. Erith, within the London Borough of Bexley, was found to offer access to 92 per cent of the local market, while Barking in East London achieved a figure of 90 per cent.

Coastal cities Southampton and Portsmouth also featured prominently, with 92 per cent and 84 per cent of two-bedroom homes respectively considered affordable for many first-time buyers.

Rob Houghton, founder and chief executive of Reallymoving, said:

“With affordability stretched and mortgage rates still high, First Time Buyers are under a great deal of pressure and many will assume they’ve been priced out of the market altogether.

“But affordability is much more localised than most people realise. In Greenock, the vast majority of 2-bed homes are within reach of the average Scottish First Time Buyer budget.

“By expanding their search area by just a few miles and prioritising locations where they can access a wider pool of homes, buyers may be surprised at how much of the market they can access.”

He added: “It’s very much a buyers’ market at the moment and there are deals to be had at every price point - particularly with more landlords selling up as a consequence of the Renters’ Rights Act.

“By ensuring they’re searching in locations where they have plenty of choice, First Time Buyers have a much better chance of finding a suitable property and negotiating a good deal.”

This article appeared in the Greenock Telegraph.

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