First Time Buyers at Highest Point Since 2007

According to data up until June 2019 from UK Finance, the number of first-time buyers continues to rise. In fact, there are more now seeking mortgage advice than since 2007 (pre-credit crunch).

First-Time Buyers Vs Home Movers

In my experience, first-time buyers are unlikely to be deterred by external economic factors such as Brexit. Whereas home movers are very rarely certain that they want to move, so when you throw in some political uncertainty it’s completely natural for them to say, “Let’s just wait and see what happens”.

Things are clearer for first-time buyers. If they have the deposit available (that is the hard bit) then the choices are stark: continue living with parents, waste money on rent or buy. Most prefer to buy if they can.

The number of first-time buyers has increased by over 130% in the last 10 years. This is because more 95% mortgage options, where you only need 5% of the property value as a deposit, are now available. As well as access to Help to Buy Equity Loan Mortgages, this has made getting on the property ladder easier and more appealing.

Over half of all homes purchased with a mortgage are by first-time buyers, with the remainder made up by home movers and buy to let investors. The last time they had more than 50% of market share was in 1995 when only a small number of buy to lets were taking place. The percentage of first-time buyers has been rising nicely for almost 20 years as the UK’s love affair with the property market stays as strong as ever.

First-Time Buyer Mortgage Advice

We find that buyers really value advice from a local mortgage broker. It’s not only about finding the cheapest deal for them; it’s about holding their hand throughout the full process. They want the jargon explained, advice on how to make an offer, what protection insurance to buy, what survey to go for and a hundred other questions every first-time buyer will be worrying about.

We love helping first-time buyers achieve their goals and we’d love to hear from you if you’re thinking of stepping onto the property ladder and could benefit from a Free Mortgage Consultation.

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