Almost 140,000 first-time buyers step onto property ladder in 2015

Most young people dream of the moment they are able to move from rented accommodation into a house all of their own. So far in 2015, 139,500 first time buyers have succeeded in this ambition and stepped onto the property ladder. 

First time buyers account for 47% of all mortgage-financed house purchasing. 

The changes to Stamp Duty announced in the Chancellor’s Autumn statement came as welcome news for potential first time buyers as the changes have led to major savings for those buying their first property. 

The reforms made by the Chancellor to the Stamp Duty Land Tax means that buyers are no longer burdened with paying tens of thousands of pounds on top of their initial deposit and other fees, and instead will pay a tax that reflects the property value.

Stephen Ludlow, Chairman of ludlowthompson, explains: “The reforms were aimed at helping young professionals and families onto the property ladder and it has been a success so far.”

Through the stamp duty reforms, Londoners are saving an average of £3,154 on their first home.

Stephen Ludlow adds: “These savings will mean prospective buyers will have more money for the initial deposit on the mortgage, giving them increased flexibility on their mortgage payments - they may decide that a longer-term fixed rate mortgage is the best option for them.” 

The first half of this year has shown signs of increased mortgage activity as the economy continues to recover, mortgages interest rates remain low and the changes in stamp duty create more incentives to buy. It is hoped that these factors could lead to even more first time buyers purchasing their first homes in the next half of 2015.