Blackburn among the best locations for first-time buyers

The town has been mentioned on on a list of “up-and-coming” locations where aspiring first-time buyers could look to start their journey on the property ladder.

Halifax bank, which compiled the list, conducted a survey and found around six in 10 (61 per cent) of young adults who have not bought a home would be prepared to move to a different part of the country to get on the housing ladder.

Blackburn Cathedral Square (Image: LT)

When compiling the shortlist Halifax considered the average first-time buyer purchase price, followed by the percentage difference between that and the average price in the wider location.

House prices and other factors such as local amenities were taken into account when compiling the list.

Halifax said it has not ranked the locations from one to 10 as there is a range of priorities that individual buyers will want to consider when choosing a location.

Blackburn with Darwen Council leader Phil Riley said the council has worked hard to make the borough an attractive place for young people.

He said: “Over recent years, the council has been very focused on making the borough an attractive place for young people to work, buy houses and start their families and it is very gratifying to see our efforts rewarded by inclusion on a list like this.

“It gives us encouragement to continue to develop up the plans for the many new attractions that are in the pipeline.”

Almost half (44 per cent) of potential first-time buyers looking to get on the housing ladder are now researching locations they would not have considered before the cost-of-living crisis, the bank found.

Two-fifths (40 per cent) said they are exploring more affordable, up-and-coming areas to move to.

However, a similar proportion (41 per cent) believe that the location of their first home is more important than the property itself.

Higher mortgage rates mean four in 10 (41 per cent) aspiring home-buyers have pushed back their plans, by four years on average.

More than half (55 per cent) would reassess the type of property they are willing to buy.

Censuswide surveyed 3,000 18 to 34-year-olds across the UK in August who have not bought a property.

Halifax also carried out analysis to identify locations with lower average house purchase prices compared with the surrounding region, to work out potential hotspots for first-time buyers looking for an up-and-coming location.

As well as house prices, the bank also took into account survey findings about first-time buyers’ priorities, including links to major cities, access to good schools, proximity to green spaces and local regeneration, when compiling its list.

Kim Kinnaird, mortgages director at Halifax, said: “Despite fluctuating house prices, the desire to buy a first home isn’t going away, with almost nine in 10 young people keen to get on the property ladder.

“There’s an appetite from under-35s to consider more affordable areas further afield, so we’ve identified up-and-coming locations that prospective first-time buyers might do well to look into.”