"Whilst commuter hotspots and other amenities such as a vibrant social scene may have been important previously, it’s early years providers such as nurseries that are now front and centre for many first-time buyers"
- Verona Frankish - Yopa
The latest analysis from Yopa has revealed that a significant number of first-time buyers are climbing the ladder with nursery-aged children in tow.
Yopa analysed the latest figures for nursery providers, looking at the proportion to have been inspected and rated as outstanding, before also looking at the average first-time buyer house price in each area.
Having children is a key life milestone and one that can often influence our position within the property market, causing many homeowners to upsize as their family grows.
However, over the last 10 years, the average first-time buyer house price has increased by 52%, not sitting at £258,813 and, as a result, the average age of a first-time buyer has climbed to 32 according to Lloyds Bank.
No surprise then, that more first-time buyers are taking that first step up the property ladder with children in tow and, in fact, a survey of first-time buyers, conducted by Yopa, found that 50% of first-time buyers already had children.
Of those looking to purchase their first home with children, more than one in five (21%) were either expecting or had children of nursery age (0-5).
However, the research from Yopa suggests that the task of securing a good nursery and an affordable step onto the property ladder could prove challenging.
Gov data shows that just 13.8% of early years providers across England are rated as outstanding.
The good news? 77 local authorities across England are home to an above-average proportion of outstanding nurseries. The bad news? The average first-time buyer house price across these 77 areas comes in at £279,475 - 8% higher than the national average.
Of these 77 local authorities, no less than 41 are home to an average first-time buyer house price below that of the national average across England, meaning that first-time buyers can take an affordable first step up the ladder whilst maximising their chances of securing a spot at a top nursery.
Calderdale tops the table in this respect. 21.9% of all early years providers in the area are rated as outstanding, the third highest level in the whole of England. At the same time, the average first-time buyer's house price is just £171,392 - 34% more affordable than the national average.
21% of nursery providers have an outstanding rating across Sunderland, where the average house price for a first home comes in 49% below the national average.
Across Shropshire (20.7%), Worcestershire (20.2%) and Peterborough (20.1%), more than 20% of all early years providers boast an outstanding rating, with house prices in these areas also coming in between 6% to 22% more affordable for a first-time buyer.
“When it comes to climbing the property ladder, children have always been an influential factor and whilst a growing family may drive second and third stepper activity, more and more first-time buyers are taking that first foot up the ladder having already had a child, or whilst expecting one," explained CEO of Yopa, Verona Frankish, "So whilst commuter hotspots and other amenities such as a vibrant social scene may have been important previously, it’s early years providers such as nurseries that are now front and centre for many first-time buyers,"
However, she added, "When it comes to outstanding early years providers, they can be few and far between and when you also take the cost of purchasing a first home into account, it can make your house hunt all that much harder.
"The good news is that there are a number of areas that boast an above average number of outstanding early years providers and some of them are even home to a below average price for a first home.”
