First time buyers – back in the game
- 1st March 2018
- Buying Property News
New figures show FTB numbers are up significantly as Stamp Duty cuts, good mortgage deals and tempered house price growth come into play
First-time buyers are purchasing property in growing numbers: recent figures show that more FTB mortgages were taken out last year than at any time in the last decade. This trend is borne out by our own data: at ludlowthompson, we’ve seen a 7% increase in new first-time buyer applicants in early 2018 compared to the same time last year.
Several factors are convincing many that now is the time to put their hard-earned deposits to work. Recent cuts to Stamp Duty have played a significant role in making the purchase process more affordable, making first-timers’ capital work harder for them.
What’s more, despite the recent quarter-point interest rate rise, competitive mortgages are still available and many canny house-hunters are keen to lock these in before any further rises due to inflationary pressure materialise. And easing house price growth in some areas is also a key consideration.
Growing FTB numbers may be making the market in some areas more competitive. However, those same factors are also likely to encourage more homeowners who have been putting off their next move up the ladder to put their homes on the market, thereby increasing supply going forward.
Stephen Ludlow, Chairman at ludlowthompson, says: “In such a climate, it pays to have everything lined up: your budget firmed up, your mortgage in principal agreed, your market research done.”
“Developing relationships with experienced local agents who know their market inside out and who are committed to establishing and maintaining good communications channels with prospective buyers is also vital.”
“Online property portals are a good way to explore the market for potential homes, but in our experience, a fruitful property search can never be entirely virtual – you need experts on the ground in your specific search area. At ludlowthompson, we pride ourselves on delivering the best of both worlds.”
Here is a selection of reviews of ludlowthompson on the allAgents website from happy first-time buyers:
"As first time buyers, we really appreciated the friendly, approachable professionalism that came across in our dealings with ludlowthompson, Tooting. Sophie, who showed us around the property, and Philip, who completed the sale were both extremely helpful and patient. They were timely in their responses to any queries we had or advice we needed through the whole house buying process which made us feel valued as clients." Trudi, Tooting
"Aaron Gardener was a pleasure to work with from the beginning of our property purchase. My husband and I were first time buyers so had no idea what we were doing! But Aaron was very helpful throughout. He even put up with a million phone calls from us after we collected the keys and moved in for any issues we had. And if he didn't know the answer he made sure to get us in touch with whoever could help us out." Jasmine, Finsbury Park
In such a climate, it pays to have everything lined up: your budget firmed up, your mortgage in principal agreed, your market research done
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