7th June 2019
Chester ranks third best city for First-Time Buyers
With the cost of the average UK home now at around £227,869 (according to Halifax figures for October 2018) getting your foot on the property ladder can seem like an unachievable dream for many. However, according to MoneySuperMarket’s First-Time Buyer Index, the dream is easier to achieve in some places in the UK than others – with the city of Chester ranking third place.
The Index, which takes into account important factors for first-time buyers such as job opportunities, average salary, disposable income, rate of contents theft and the average cost of a one-bedroom property, indicates that for First-Time Buyers Chester is the third best city.
This is largely due to the increase in affordable housing in the city and helped by an increase of job opportunities.
Average cost of one-bedroom property
For first time buyers Chester’s popularity is also down to the fact that the average cost of a one-bedroom property now sits at £106,050 – below the national average of £131,830.
Matthews of Chester has several properties currently on the market that are below the national average and ideal for first time buyers:
Wetherby Close a two bedroom apartment within walking distance to the city centre is available for £120,000.
Hoole Lane in Chester is a one bedroom ground floor apartment at £115,000. Situated within an attractive period building, it boasts an extremely convenient location within a mile of the city centre.
Easy city access
At the top of many first-time buyers wish list is location. Alex Horne, Senior Valuer at Matthews of Chester comments: “Many first-time buyers are willing to compromise certain aspects over location, such as garden and house size. The great thing about living in Chester is that you’re within easy reach of other larger cities such as Liverpool (15 miles) and Manchester (36 miles), making it an attractive option for young professionals who work in those cities.”
More job opportunities
A new £120m regeneration of Chester’s central business district is planned to be completed by 2028, providing more opportunity within the city. City Place will provide in excess of 500,000 sq. ft. of quality office accommodation, retail and leisure facilities, and includes 200 new residential units, a project expected to create around 3,500 jobs.
For those who don’t want to be right in the hub of the city, Chester offers some very desirable suburbs, including Hoole – a bustling and fiercely independent village with a popular choice of bars and restaurants, and Handbridge that’s within walking distance of Chester.
If you’re a first-time buyer, but don’t quite know where to start with searching for your first property, contact our Sales Team today. We can help match your requirements with our range of suitable properties to help you make a savvy purchase.