First Time Buyers at Highest Level since 2007
Statistics provided by UK Finance showed from June 2019 the overhaul numbers of First Time-Buyers are still increasing. The numbers are matching the numbers back when they were at their highest in 2007, before the credit crunch.
External economic factors such as Brexit has less likely to discourage First Timer Buyers than Home Movers, reasons being Home movers are rarely 100% certain that they ought to move, so when you add in extra factors such as political uncertainty it’s unnatural for them to say, “Let’s just wait and see what happens”.
Things are more apparent for First Time Buyers. The hardest bit if the deposit but if this is available then the choices are clear, they can either:
- Continue living with parents
- Rent a property
- Buy a property
Most of our customers go down the more popular route of buying
The number of First Time Buyers has increased by over 130% when reviewing statistics from the past ten years. 95% options are now available and access to Help to Buy Equity Loan Mortgages.
Over half of all homes purchased with a mortgage are by First Time Buyers with the remainder built up from Home Movers and Buy to Let Investors. The last time the first-time buyers had more than 50% of market share was in 1995 when only a small number of Buy to Lets were taking place.
The percentage of first-time buyers has been rising nicely for almost 20 years as the UK’s love affair with the property market stays as strong as ever.
In terms of value, homes in the North East of England are amongst the lowest. The average sits currently just shy of £140,000.
We have found that First Time Buyers value advice from a Mortgage Broker. It’s not merely about finding the cheapest deal for them. They appreciate having their hands held throughout the full process of buying their first home. They want the jargon explained, advice on how to make an offer, what protection insurance to buy, what survey to go for and a hundred other questions answering.
We love helping First Time Buyers achieve their goals, and we’d love to hear from you if you think you’d benefit from a Free Mortgage Consultation to find out more.