Urban property demand among first-time buyers skyrockets, particularly in a fashionable Scottish city, witnessing a significant surge
Dundee, Scotland, has emerged as a popular destination for first-time buyers, experiencing a significant surge in demand over the past ten years. According to recent data from Rightmove, the city saw a staggering 176% increase in first-time buyer enquiries during this period, surpassing the average 16% rise seen in other major UK cities, excluding London.
Several factors contribute to Dundee's allure for first-time buyers:
1. Affordability: Compared to cities like London or other parts of Scotland, Dundee offers more affordable housing prices, making it an attractive option for those starting on the property ladder.
2. Cultural and Lifestyle Appeal: Dundee's vibrant cultural scene, green spaces, and quality of life make it an appealing choice for those seeking urban amenities without the high costs associated with larger cities.
3. Reversal of Pandemic Trends: While the pandemic initially led to a surge in demand for rural and coastal properties, the trend has now reversed, with renewed interest in city living. Dundee, as a revitalized urban center, embodies this shift.
4. Contrast with London: London, on the other hand, has seen a 7% decrease in first-time buyer demand over the same period due to its high property prices, further highlighting Dundee's relative attractiveness for affordability and lifestyle.
In addition to Dundee, other cities have also seen a rise in demand from first-time buyers. Edinburgh followed close behind, with a 91% increase in demand, while Doncaster came in third with a 74% increase.
The trend of first-time buyers flocking to cities over the last decade is a marked shift from the previous focus on coastal and rural areas. Proximity to work and public transport, as well as affordability, are key factors for many first-time buyers.
This renewed interest in city living is reflected in the properties on the market. In Dundee, a two-bedroom house is currently on sale for offers over £150,000. The property boasts a spacious and light interior, a handy attic space, and a large back garden with a decking area. Pre-approved plans for an extension are also included.
Meanwhile, a two-bedroom flat in Edinburgh is on sale via Yopa for offers over £200,000. The property, located in an excellent location close to the city center, spans 622 sq.ft. On the other hand, a two-bedroom semi-detached house in Liverpool is on sale via Purplebricks for £159,150. The house, which spans around 792 sq.ft., has a spacious front-facing living room, a conservatory, and utility room.
As cities like Dundee continue to offer affordable housing and a vibrant cultural scene, it's clear that they will remain popular destinations for first-time buyers in the years to come.
- In contrast to the high property prices in cities like London, Dundee provides an attractive option for first-time buyers due to its more affordable housing market.
- Remarkably, the surge in demand for properties in Dundee from first-time buyers has led to a staggering 176% increase in enquiries over the past ten years, outpacing the average growth seen in other major UK cities apart from London.
- As a result of reversing pandemic trends and the city's vibrant cultural appeal, Dundee's real-estate market, particularly its housing sector, has become a magnet for investing in properties, especially for first-time buyers.
