Milton Keynes named UK's first-time buyer hotspot

Looking to buy a new home and not sure whereabouts to buy? It seems you could do a lot worse than Milton Keynes. The new town, famed for its roundabouts and concrete cows is the top spot for new buyers, according a report by Experian.

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The financial information firm found that one in ten households in the Buckinghamshire town is a first-time buyer.

The town, which was established in 1967 and has a population of around 245,000, came out ahead of other first-time buyer hotspots Dartford, Swindon, Slough, Aldershot, Basingstoke and Crawley.

With high house prices and a squeeze on mortgage lending, thousands of people struggle to get on the property ladder – especially when deposits are higher than ever. These days, if you want to buy a £200,000 home, you would typically need to put down a 20 per cent deposit, or £40,000.

The Experian report stated: "Ever since homeownership began around the 50s and 60s, Londoners have had to move out to the regions to be able to afford a home... towns such as Milton Keynes are very attractive and practical places to live which allow first-time purchasers to have the lifestyle as well as to get on the property ladder."

David Hill, chief executive of Milton Keynes Council told the Daily Mail: "Milton Keynes is a very prosperous place which is flourishing despite these tough economic times.

"The fact that we have so many new businesses opening or relocating here means that we can offer first-time buyers much needed job security."

Would you - or do you - live in Milton Keynes?Would you recommend it as a great place to buy?