The Challenges Of A First Time Buyer

Posted by Willmotts Chartered Surveyors on 9th September 2020 -

While attention is focused on equity-rich buyers making lifestyle changes, it’s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame.

First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today. Despite this, the average age of a first-time buyer has remained at 31 for the last 15 years. Help to Buy and SDLT relief have helped.

Rising house prices are not the only obstacles for first-time buyers. The pandemic has led to fewer higher LTV products available and increased mortgage rates on higher LTV products.

Parents are the answer for some. 19% of house sales in 2019 were funded partly or wholly by friends and family, and this figure is expected to rise to 23% in 2020. Source: Dataloft, Halifax, Legal and General

Are you trying to find a new place to live, call Willmotts for property advice or information with selling and or buying a home please email [email protected] or call 020 8222 9958