Luton housing: Town named as the number one hotspot for first time buyers

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Luton, Bedfordshire, has been crowned the most popular town in the UK for first time buyers.

The town has seen first time buyers pay a typical price of £250,000 with an average deposit of £37,500 – 15 per cent – with the most common purchase being a three bed terrace.

In order to buy an average Luton home, first time buyers would need a household income of £47,000.

The analysis from property portal Zoopla has also shown that the East of England is home to three more first time buyer hotspots, with Harlow, Essex coming in fifth – with an average first-time buyer house price of £275,000, requiring a deposit of £41,250.

Thurrock, Essex, which is part of the London commuter belt, is in 11th place, while Basildon is in 13th place and currently has a typical three bed terrace price of £270,000.

Of the top 20 most popular areas in the UK for buying a new house, the least expensive is Wolverhampton in the West Midlands with an average first time buyer house price of £145,000.

The town also ranks as the second most popular area for first time buyers.

London appears on the list nine times with Barking and Dagenham and Tower Hamlets in positions three and four with higher average prices of £325,000 for a house in Barking and Dagenham and £445,000 for a two-bed flat in Tower Hamlets.

Areas with similar prices to Luton include Harlow, Essex at a £275,000 price for first time buyers and Reading, Berkshire at £260,000.

Gráinne Gilmore, Head of Research at Zoopla said: “Activity levels in the housing market have been building across the country in recent months following sharp increases in buyer demand.

“First-time buyers remain one of the largest cohorts of purchasers across the country, and our data shows that they remain very active within the capital. There is noticeable activity across the wider commuter zones into the East of England too, perhaps reflecting different commuting patterns for office-based workers.

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