If you’re looking to shave a few pennies off your first home, one ‘underrated’ UK city has been named the top pick for first-time buyers ahead of the stamp duty deadline.
Tucked away in the East Midlands is the cathedral city of Lincoln – where, according to a new study, house prices for first-time buyers now average out at just £168,000.
Meanwhile, data from Zoopla places the current UK-wide house price at an average of £267,200 – almost £100,000 more. Naturally, the story is even starker in London, where prices rise to £673,483. Ouch.
Ahead of the stamp duty deadline on March 31, when the threshold drops for first-time buyers specifically from £425,000 to £300,000, many are rushing to complete to avoid overpaying.
Along these lines, research from Rightmove finds that more than 70,000 homeowners are set to miss the stamp duty deadline, meaning that home-movers will pay an average of £2,500 more by completing in April instead of March.
Why is Lincoln good for first-time buyers?
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A new study from Barratt Homes has analysed key factors for first-time buyers, surveying 500 UK people aged between 21 and 34 on the factors most influencing their decision to buy.
The number one priorities they shared included property prices, transport connections, school Ofsted ratings, and annual salary growth.
In Lincoln specifically, ONS data placed the average house price for first-time buyers at £168,000 in 2024. Traffic density – the average number of cars per kilometre of road per year – was also considered, ranking at 208,050, while the average Ofsted education rating was 7.5 out of 10.
Lincoln similarly ranked highly for the average size of the nearest public green space at 124,939 square metres, and the data identified four supermarkets per 10,000 people.
Finally, the annual salary growth was placed at 6% – though this was lower than other locations, as the likes of Eastbourne and Oxford saw increases of 15.7% and 10.8% respectively, giving it a first-time buyer score of 95.
Things to do in Lincoln
Whether you’re looking for a quaint coffee shop, a history lesson or some plush greenery, Lincoln has plenty of wholesome activities to offer.
As a Medieval city, there’s history everywhere you look, with landmarks including Lincoln Cathedral, Lincoln Castle, and the Medieval Bishops’ Palace, which was built as early as 1163.
For a Sunday morning brew, head to The Boat House, Coffee Depot or Fenland Hideaway, or enjoy a cake or two at Tilly’s Tea and Gift Shop or Stokes High Bridge Café.
The wider city area also has an array of green areas, including Hartsholme Park, the Arboretum, and Whisby Nature Reserve, which is inundated with wildlife and nature trails.
Just south of Lincoln, there are outdoor activities aplenty to be found at Hykeham, including open-water swimming, stand-up paddleboarding and even kayaking.
And for plenty more outdoorsy action, the Peak District is just over an hour’s drive away.
What locals say about Lincoln
Hailed as a seriously ‘underrated’ destination, many Lincoln locals are immensely proud of their city, which has a thriving nightlife scene and tonnes of greenery right on the doorstep.
‘It’s a Medieval historic city with a great night out, interesting local shops and two universities. I feel like a lot of people just don’t know how good it is,’ @charlottehans recently penned in the r/Lincolnshire Reddit thread.
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‘I think it’s just bordered by some pretty s*** places and a bit difficult to get to which puts people off.’
@RaveyDave666 was ‘glad’ that they’re still ‘flying under the radar,’ while @Bluestone_42 noted that in the past, they thought it was ‘lacking’ as a city but ‘the redevelopment over the years has been impressive.’
Meanwhile, @ouzanda just moved to Washy on the outskirts of the city, and is ‘blown away every time’ they ‘step out the front door.’
‘My only negative would be that living at the bottom of the hill feels like a lot of effort,’ they added.
The top five locations for first-time buyers, according to Barratt Homes
- Lincoln (average house price for first-time buyers: £168,000, first-time buyer score: 95)
- Eastbourne (£291,000, 94)
- York (£268,000, 93)
- Exeter (£258,000, 90)
- Blackpool (£119,000, 80).
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