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Over the past decade, there has been a surprising increase in the appeal of British cities to homebuyers, despite the rise of home working and soaring house prices in urban areas. An analysis of the first five months of this year revealed that the number of potential first-time buyers in Great Britain looking to move to cities has risen by an average of 16% compared to the same period in 2015.
Dundee, Scotland’s fourth-largest city, experienced the most significant increase in first-time buyer inquiries during this period. This is surprising considering that the pandemic led many to consider starting a new life in coastal or rural areas. The data, analyzed by the property website Rightmove, focused on inquiries for typical first-time buyer properties with a maximum of two bedrooms.
Edinburgh ranked second on the list of “city hotspots,” followed by Doncaster, Liverpool, and Plymouth in England. This data contradicts the notion of a pandemic-fueled “exodus from the city” that many believed would occur. In 2020, areas like Port Isaac in Cornwall, Margate in Kent, and Clevedon in north Somerset were considered property hotspots, but the recent analysis suggests a shift back towards city living.
While more first-time buyers are now looking to move to cities, the interest in popular coastal areas has remained stagnant compared to a decade ago. London stands out as an exception to this trend, with overall first-time buyer demand in the capital decreasing by 7% compared to 10 years ago. This decline is attributed to the high property prices in London, which have made homeownership unattainable for many individuals
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