Hove among Britain’s most expensive first-time buyer areas

The figure, revealed in Rightmove’s latest analysis of the housing market outside London, puts Hove among the top 10 priciest places for people taking their first step onto the property ladder.

According to the property website, the average asking price for a typical first-time buyer property in Hove is £326,783.

These properties are defined as homes with two bedrooms or fewer, including houses and flats.

Hove named one of Britain’s most expensive spots for first-time buyers

Colleen Babcock, a property expert at Rightmove, said: “Affordability continues to shape where first-time buyers are looking, and we’re seeing the strongest price growth in areas where homes remain within reach for more people.

“Lower-cost locations are still seeing strong interest, with competition for homes helping to hold prices up.

“In more expensive markets, tenants are taking a bit more time and thinking more carefully about what they can afford, which is keeping growth relatively flat.”

Despite its high ranking, Hove has seen a 5% annual drop in asking prices for these entry-level homes, bucking trends in more affordable northern regions where prices are rising.

Nearby Brighton is also feeling a similar cooling effect in the market, with Rightmove noting that higher-priced southern areas such as Brighton and Southampton are experiencing a fall in first-time buyer prices.

Hove sits just behind Wokingham on the list of most expensive areas, where the average first-time buyer home costs £332,806.

St Albans tops the chart at £401,352, more than four times the average price in the least expensive location outside London, Middlesbrough, where a first-time buyer property averages just £90,929.

St Albans was the most expensive hotspot for first time buyers (Image: Getty Images)

This means that for the price of one property in St Albans, a first-time buyer could purchase four in Middlesbrough.

The top 10 most expensive first-time buyer markets outside London are:

1. St Albans, East of England, £401,352
2. Epsom, South East, £374,376
3. Oxford, South East, £367,503
4. Clifton, Bristol, South West, £365,338
5. Cambridge, East of England, £351,126
6. Brentwood, East of England, £347,844
7. Hertford, East of England, £336,690
8. Bath, South West, £335,552
9. Wokingham, South East, £332,806
10. Hove, South East, £326,783

Meanwhile, the top 10 least expensive first-time buyer hotspots outside London are:

1. Middlesbrough, North East, £90,929
2. Grimsby, Yorkshire and the Humber, £92,031
3. Kilmarnock, Scotland, £92,380
4. Greenock, Scotland, £93,998
5. Paisley, Scotland, £95,430
6. Irvine, Scotland, £96,768
7. Aberdeen, Scotland, £97,002
8. Stockton-on-Tees, North East, £97,680
9. Birkenhead, Wirral, North West, £100,179
10. Burnley, North West, £100,734

Areas with the highest asking price falls for first-time buyer homes

Across all regions included in the research – excluding London – the average asking price for a first-time buyer property now stands at £228,048, down 0.7% year-on-year.

Hove was also named one of the coldest markets, with one of the steepest annual falls in asking prices for entry-level homes.

The steepest decline was recorded in Exeter, where prices dropped by 20% to an average of £201,248.

Other significant drops were seen in Derby and Goring-by-Sea, which saw decreases of 10% and 9% respectively.

Nathan Emerson, chief executive of property professionals’ body Propertymark, said: “These figures show that affordability continues to drive first-time buyer activity, with the strongest price growth concentrated in areas where homeownership remains within reach.

“While demand remains strong in many northern English and Scottish markets, buyers still face challenges from higher mortgage costs, ongoing living expenses and saving for a deposit.

“The differences in price growth across the country highlight the influence of local market conditions, with affordable areas continuing to attract strong demand.”

First-time buyers are not only contending with shifting house prices but also fluctuating mortgage rates, which have been impacted by the conflict in the Middle East and wider economic uncertainty.

However, there has been some recent relief as many lenders have begun to reduce rates, potentially offering a glimmer of hope to those looking to get onto the property ladder.

Rightmove’s analysis covered first-time buyer properties listed in May, focusing on locations with at least 20 new listings and 20 sales agreed during the period.

The research excluded London due to its significantly higher asking-price levels, which Rightmove said can distort comparisons with the rest of Britain.

How much did you buy your first home for? Let us know in the comments.