Is the city centre now an affordable option for first time buyers?

The city has always been synonymous with success. Property investors, hedge fund bankers and young CEOs have always lined the streets of the city centre, along with trendy bars, fine dining and modern apartments.

But, is the city changing? Urban regeneration and strategic development has meant that the centre of the city has expanded, and an explosion of modern apartments can now be found in new corners of the centre. As with any surge of residential investment, it is soon followed by a boom of leisure and entertainment facilities. As this trend has continued in major cities across the UK, it has brought a huge choice of properties – and the city centres are slowly but surely expanding, making them the perfect spot for young professionals looking to get a foot on the housing ladder.

A lifestyle option

Besides the benefit of being able to own your own home, there are plenty of other reasons why city centre living is ideal for first time buyers. Being in an exciting location, especially an up-and-coming quarter of town, within walking distance to work, close to friends and in the heart of the action, is great for a twenty-to-thirty-something professional.

Looking at two-bed semis in the suburbs is what many first time buyers do, without considering the alternatives. This is because many believe they are automatically priced out of the city centre. However, a quick look at current house prices shows that the difference is minimal. Average prices in Manchester show that an apartment in the central region costs £136,881, whereas a terraced property in the Trafford suburb costs £126,748. Similarly, a two-bed central apartment, again in Manchester, can be bought for £115,000, whereas a two-bed terrace in Stretford (a suburb four miles from the city) costs £129,950. For very little difference in cost, you can have the centre on your doorstep.

If the mortgage repayments seem a little steep, get rid of the car (and expensive parking fees), rip up the annual train ticket, and walk. After all, you’re paying to have the vibrant centre at your front door, so you may as well enjoy it.

The benefits of a modern home

A modern, city centre apartment may not be to everyone’s taste. But, even if you considered it a temporary option – a short-term investment that will help you fund the period property of your dreams – it is still an affordable and beneficial option for most.

A modern home will most likely need less renovation, and far less alterations. This can save a small fortune as many older houses (especially affordably priced ones) suffer from damp, poor insulation and require general updating and improving.

Heating bills will be cheaper in your modern apartment, both because they are smaller, and due to the fact that most apartments are built with energy efficiency in mind. Many apartments are serviced or managed, taking a weight off your mind, and any exterior problems, issues or damage, are covered by someone else. It’s also often possible to buy a furnished new-build home, or buy a furnishing pack from landlords and agents, again saving you money on the initial costs of moving in.

If you work and play in the city, you should live there, too, and now, thanks to an abundance of city centre properties and urban regeneration, the city is a lot bigger – making a central apartment the ideal home for first time buyers.

Author: The Hub offers spacious and stylish apartments, located in the heart of Manchester city centre. A shared equity scheme and competitive prices makes it the ideal choice for first time buyers. 

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