Jordan Rogers, of Connells estate agents, said the share of first-time buyers has more than doubled from 15pc before the pandemic to 35pc to 40pc today.
There has been an influx of buyers from Berkshire and Surrey who no longer need to work in the office every day, said Mr Rogers, drawn by the town’s good commuter links, with direct trains to London Paddington in 50 minutes.
They are bringing their larger London salaries with them down the M4 in search of more space and value for money.
This group of buyers is snapping up two- and three-bedroom houses. Swindon town centre has a concentration of these Victorian and Edwardian properties for £180,000 to £220,000, while newer builds can be found in the estates on the northern (£225,000 to £250,000) and eastern (£250,000 to £270,000) sides of the town. Prices have jumped 12pc year-on-year.
Some out-of-towners looking for property in the town have become frenetic. “We had a house with an asking price of £230,000, and a first-time buyer moving from Hounslow only saw it via video and offered £240,000.”
Local first-time buyers, meanwhile, are concentrated in the flat market. Price growth here has been slower at around 7pc because there is not the same shortage of supply. “The market is quite saturated with apartments,” said Mr Rogers. Many local offices have been converted into homes, adding to the glut.
Broadland, which sits on the northern side of Norwich, near the Norfolk coast, came top in the East of England. The cheapest homes here cost £220,125.
The North
Eden, which spans the east side of the Lake District National Park and the west side of the North Pennines Area of Outstanding Natural Beauty in Cumbria, was the best place in the country for first-time buyers, according to Savills’ metric.
Lynne Lancaster, of PFK estate agents, said the pandemic has brought a new trend in first-time buyer migration. “We have seen first-time buyers come from as far as Cornwall.” Others are coming from Liverpool, Manchester and the South East.