New research shows the highest number of first-time home buyers since 2006
- 21st March 2019
- Buying Property News
Competitive mortgage rates and Government schemes helped 370,000 individuals become homeowners in 2018
New research from UK Finance reveals the number of first-time buyers hit a 12 year high in 2018 of 370,000, up 1.9% from 363,000 in 2017.
The record number of first-time buyer mortgages is partly reflective of the increasing range of competitive mortgages available on the market. Competition amongst banks continues to help keep interest rates down, making mortgages affordable for an increasing number of prospective first-time buyers.
More banks and mortgage providers are also offering more products specifically tailored to first-time buyers, that make use of the ‘Bank of Mum and Dad’. In February, Lloyds introduced the ‘Lend a Hand’ mortgage where buyers can use their parents’ savings in place of a deposit. If you are considering getting a mortgage, please contact Jigsaw Mortgages here.
Many buyers are also making use of Government schemes designed to help first time buyers.
The ‘Help to Buy’ ISA, for example, is available to help boost the savings of first-time buyers. This major tax break allows aspiring homeowners to save towards the purchase of their first home by providing a top up of £50 for every £200 invested into the ISA.
Stephen Ludlow, Chairman at Ludlowthompson, says: “The record high number of first-time buyers reflects the current good conditions for those looking to get on the property ladder.”
“Low borrowing costs and Government help with deposits are keeping flat and house purchases in London well in reach of an increasing number of millennials.”
“London remains the ideal location to live and work, and property in the capital remains an excellent long-term store of value.”
Here is a selection of recent reviews from happy customers of ludlowthompson via Google:
- Neal Shah, Google Reviews
Emma has been an absolute pleasure to deal with. Definitely knows how to gain the trust of the client and always really helpful. Thanks Emma for all your help so far and hopefully again for more purchases in the future!
- Nazila Shirzay, Google Reviews
It has been a pleasure dealing with Martin Malic. He has been very professional and goes the extra mile for his clients, both buyers and sellers. He has been quick and helpful to deal with any queries I have had so I really appreciate his effort. Thank you Martin.
- Charlie Downden, Google Reviews
We had a great experience with Ludlow Thompson. Massive thanks to Keith for helping us with the process and securing the property. Everything was really straightforward and we were delighted to get the property we wanted! Cheers
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.
“The record high number of first-time buyers reflects the current good conditions for those looking to get on the property ladder.”
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