A report out this morning has named Manchester as Britain’s top region for first time buyers outside of London
The report by Lloyds analysed locations outside of the capital where first time buyers made up the highest proportion of mortgaged house purchases
Manchester’s first time buyers it said made up 70 per cent of mortgaged home purchases last year, three per cent higher than in 2024
Manchester, it said,had a mix of relatively affordable homes,strong job opportunities, major regeneration projects and a well connected transport system which all attract young first time buyers
The average first time property is £230,000 around £25,000 below the national average according to the report although prices in Manchester are £38,000 above average prices across the North West region
The City, the report goes onto say has a range of property types from modern apartments in regenerated areas through to the traditional terrace in the suburbs
Lloyds said that, again using the example of a first-time buyer purchase in Manchester, the monthly mortgage repayment would be around £1,136, or around £200 less than the city’s average private rent of £1,337.
Amanda Bryden, head of mortgages at Lloyds, said: ‘Choosing your first home is a huge moment.
‘Affordability is the number one priority for most first‑time buyers, and we’re seeing more people cast their net wider to find places that match both their lifestyle and their budget.
‘That flexibility can quite literally open up more doors. Manchester is a magnet for those seeking modern city-living.”
