Stoke-on-Trent has taken the top spot as the UK city of choice for first-time buyers, a new study reveals. The city's affordability, coupled with its strong job market and excellent transport links, is luring graduates and young professionals away from London's increasingly unaffordable housing market.
The trend suggests that many are rethinking their traditional path to homeownership, which often involved starting careers in London before moving on to a first flat purchase. However, the eye-watering average deposit of £130,000 for a Greater London home is making this aspiration all but impossible for many young workers.
According to research by Savills, graduates are increasingly weighing housing costs against career prospects, with some opting to stay in their university towns or relocate to regional cities where property prices are more manageable. Maurice Lange, senior analyst at the Centre for Cities think tank, attributes London's high costs to decades of unmet demand driving up house prices and rents.
The study evaluated 50 UK cities based on factors including property affordability, rent-to-income ratios, sales price-to-income ratios, and population growth. Stoke-on-Trent emerged as the most attractive option, boasting an average flat price of £88,448 and an average annual earning of £35,079, resulting in a relatively low flat price-to-income ratio of 2.5.
Local estate agent Joe Shenton highlights the city's strategic location, with fast train links to London and Manchester, as well as easy access to green spaces like the Peak District. Many students from Staffordshire and Keele universities often rent locally before buying in areas such as Trentham, where a three-bedroom semi-detached house can start from £250,000.