Challenges Of A First Time Buyer

Posted on: 9 September 2020

Challenges of a First Time Buyer

While attention is focused on equity-rich buyers making lifestyle changes, it’s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame. First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today. Despite this, the average age of a first-time buyer has remained at 31 for the last 15 years. Help to Buy and SDLT relief have helped. Rising house prices are not the only obstacles for first-time buyers. The pandemic has led to fewer higher LTV products available and increased mortgage rates on higher LTV products. Parents are the answer for some. 19% of house sales in 2019 were funded partly or wholly by friends and family, and this figure is expected to rise to 23% in 2020.

Share:


Recent Articles

23 September 2020

Migration For Students 29% Of Students Plan To Live In The Private Rental Sector

During university, 29% of students live in the private rental sector and following graduation, 47% plan to live in the private rental sector. With nearly 1.9 million students attending university full time in the UK, a potential 551,000 students will move into a private rental home in the next...

21 September 2020

Homes Are Moving 31% Faster Since Lockdown

The time to sell a home has fallen by more than a quarter in the UK. No surprise considering buyer demand, since the start of the year, is +34% higher than over the same period in 2019. The number of days between first marketing a home to receiving an offer is on average, since lockdown was...

21 September 2020

Post Lockdown Miniboom

The latest ONS data shows that UK house prices have increased by 3.4% to £237,834 in the year to June 2020. The mini post lockdown boom pushes house price growth to the highest level since March 2018. House prices in East Midlands saw the largest annual increase, 4.5% followed by the North...

semi circle instant online valuation

Get an instant online valuation

Find out how much your property is worth