According to Hometrack, First-Time Buyers were the largest group of purchasers in 2018, making 36% of all residential property sales, with the expectation to remain for 2019. These sales were driven by affordable markets alongside a higher range of available LTV mortgages. This is undoubtedly seen across lenders, who are also confirming a higher increase for residential mortgages. You can read more about this in our last blog.
Hometrack’s research also suggests that First-Time Buyers are not looking to purchase lower-value homes, they are looking for a long term approach, of which 14% of buyers in 2018 used a Help-To-buy Scheme to allow them to buy a larger value home.
Their research also estimates that a First-Time Buyer household income to purchase a typical two or three bedroom home, ranges from £35,000.00 in the North to £75,000.00 in London, with an average deposit ranging from £26,000.00 in the North to £140,000.00 in London.
Hometrack’s research also shows that the gap between the purchase price of a First-Time Buyer and a Buyer has been narrowing over the last 15 to 20 years. This is due to the affordability pressures which have been put in place, making First-Time Buyers think of a long term purchase.
If you are a First-Time Buyer looking to take your first step in the property ladder, our experienced team will be able to guide and assist you in finding the right property for you to move in.
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