Ryde and Newport have been identified as the ideal places for first-time buyers to purchase their first-ever property thanks to a new heatmap launched today by Purplebricks, the UK’s tech-led estate agent.
In the competitive and highly buoyant housing market, many first-time buyers are currently struggling to get on the housing ladder. Purplebricks conducted research with potential first-time buyers across the UK and found that the average first-time buyer’s budget is currently £189,273* (meaning most first-time buyers are searching for properties around £200,000).
Purplebricks research also found that almost 40% of people are now considering moving up to 60 miles away from their place of work due to being less constrained by the commute. With such variation in the numbers of available properties around the country, it can clearly pay to look further afield when prospective buyers are searching for their first home.
Taking the average first-time buyer’s budget and combining it with the increased willingness to look further afield, Purplebricks has created a heatmap of all its properties at this level and below – letting first-time buyers see at a glance where the richest pickings can be found across the country.
Based on this heatmap and the local knowledge of its experts, Purplebricks has revealed the best areas in the PO postcode for first-time buyers.
Steve Vanner, Local Property Expert for the area, said:
“Ryde is a great location for first time buyers as there are ferry links to mainland, golden beaches, schools and bus links close to hand, as well as an array of restaurants and bars. While Newport is a central location with a variety of shops, supermarkets, restaurants, schools and bus links close to hand, as well as easy access to the Island Cycle Path.”
After managing to save £15,000 in a year Joely Harris, 27, from the Isle of Wight recently got the keys to her first flat in Ryde as a homeowner and is now enjoying decorating it to her taste.
During the COVID pandemic and while the UK was in lockdown, entrepreneurial Joely set up a baking business in July 2020, as she had been furloughed from her full-time job in March as a manager at a customer research company.
Always a keen baker, Joely decided to turn her passion into a lucrative business and set up Joely’s Bakery from her kitchen table making delicious looking Instagram friendly cakes, biscuits, and sweet snacks.
With many Isle of Wight residents working from home during the pandemic and eating more treats, Joely saw a huge surge in orders of her cakes and it was income from this business that meant she was able to save up the deposit for her home within 12 months.
Her sister already owned a flat in the same building as the 1-bedroom modern apartment in Ryde that Joely had her eye on, so when it came onto the market with online estate agent Purplebricks, Joely jumped at the chance to view it.
She said:
“It was lucky that my sister is in a flat a few rows below the flat that was for sale, so I was familiar with the building already. So, I just went onto the Purplebricks website, booked an appointment, and it was so fast and easy to book, I chose the earliest opportunity which was 9am the next day. It was ideal as I got an email to confirm the viewing and that was it, I went the next day to look around and loved it!”
She continued:
“What with paying rent prior to the pandemic it was difficult to save money, so I didn’t have that much in the way of savings. However, after I’d set up my business in July last year, it really took off, and I was able to quickly start putting money away.
“As it was lockdown I wasn’t going out or incurring many other costs, so it was much easier to save for the deposit. I put everything from the business away, and saved £15,000 in under a year. Admittedly there were days when I didn’t sleep, but it was so rewarding to save the full deposit for my first home by myself.”
The 1-bed flat on Great Preston Road was listed on the market for £100,000 but canny Joely managed to purchase it for £97,000. She made a couple of offers to the seller through Purplebricks agent Steve Vanner, starting at £90,000 and then jumping up to £95,000. Steve advised £97,000 and thankfully for Joely, the seller accepted this offer, £3,000 below the asking price.
Joely explains:
“In total I saved £14,550 and this was the 15 percent of £97,000. Due to COVID it was difficult to get a mortgage and mortgage companies wouldn’t lend to you if your job status was ‘on furlough’. But luckily, I went back to work full time so I could then get a mortgage approved as I was employed again.I chose a fixed-term mortgage for 5 years with Halifax.”
Steve Vanner, Local Property Expert for Purplebricks on the Isle of Wight, added:
“Being a first time buyer, Joely was new to some of the processes so it was great to be able to guide her through things step by step.
“We also offered some of Joely’s yummy cookies for a children’s drawing competition we ran on our Isle of Wight Facebook page.”
Living so close to her sister is suiting Joely and she is enjoying her new home, but soon more changes are on the horizon as she soon plans to begin working for the NHS as an administrator for medical directors, helping to improve patient care at the local hospital.
She hopes her bakery business will continue to grow and she can perhaps even purchase a commercial property in the future for it.
You can see the Purple Bricks heatmap here.
With almost 15k saved she should be buying a house instead of a flat, but the over inflated house prices and vulture estate agents hiking prices for their gain then the hutch builders doing the same. What chance have these kids got.
Well done though Joely for working hard and saving.
Well said. The kids these days are screwed when it comes to housing.
There is nothing ideal about Ryde or Newport.
There is – both are ideal for easy access to drugs, booze and general low-life!
Genius Deposit and a salaried job could be a problem There must come a time when only locals can buy houses Al la Cornwall The rental prices are horrendous If we want the Island to prosper we must help the indigenous people
So sad that Island Echo is now running ads for the people who outprice locals and build on our fields. I do lots of baking and the family has been here for seven hundred years, can I get a cheap house please, just for being canny? No.
Yes keep the poorer people in Ryde and Newport, don’t venture into Bembridge, Totland, Freshwater or anywhere on that side of the Island, god forbid. Oh hang on is this another ad for the property tycoons. ????
Indeed – no more space – we can’t accommodate the whole of the UK!