Number of first-time buyers reaches a twelve-year high
- 9th January 2020
- Buying Property News
First-time buyers account for the biggest share of property purchases
New figures show the number of first-time buyers of residential property in the UK reached 353,436 last year – a twelve-year high.
The most popular locations for first-time buyers are London and the South East of England, accounting for nearly one-third of property purchases.
The number of mortgages approved for first-time buyers is now nearly double that at the beginning of the financial crisis in 2008. First-time buyers account for the highest share of homes bought with a mortgage (51%) – its highest share since 1995.
The increase in first-time buyers is partly due to the introduction of schemes such as Help to Buy ISAs, 40-year mortgages and Stamp Duty exemptions. In addition, competition amongst mortgage lenders have caused them to bring down their rates, making borrowing more accessible.
London remains one of the most attractive areas for prospective buyers with a high demand for property. The cultural vibrancy and diversity of the city make it a desirable place to live, whilst excellent public transport links throughout also contribute to its popularity amongst buyers.
Stephen Ludlow, Chairman at ludlowthompson, says: “It’s encouraging to see the number of first-time buyers continue to rise. With more clarity on Brexit we expect to see these numbers increase even more.”
“Thanks to the growing number of schemes, homeownership is now more attainable for first-time buyers.”
“With Help to Buy ISAs no longer open to new prospective buyers, individuals hoping to get on the property ladder should consider schemes such as Lifetime ISAs.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Martin X via Google Reviews:
“As a first time buyer, I would whole-heartedly recommend Ludlow Thompson. The Oval team were an amazing help in helping me through the viewing and offer process.”
Milena R via Google Reviews:
“The Bow team were extremely helpful and very friendly. They made the whole process simple and very easy for us. They met all our needs and found the perfect property in less than a week.”
“It’s encouraging to see the number of first-time buyers continue to rise. With more clarity on Brexit we expect to see these numbers increase even more.”
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