First Time Buyers at Highest Level Since 2007

According to data up until June 2019 from UK Finance, the number of first-time buyers has continued 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 from their desire to be homeowners by external economic factors such as Brexit. On the other hand, home movers are very rarely certain that they want to move, so it’s completely natural for them to say, “Let’s just wait and see what happens” when you add political uncertainty into the mix.

First-time buyers, if they have the deposit available (that is the hard bit), tend to have a simple choice to make. Continue living with parents, waste money on rent or buy? Most prefer to buy if they can.

In the last 10 years, the number of first-time buyers has increased by upwards of 130%. This is because 95% mortgage options are now more readily available, as well as access to Help to Buy Equity Loan Mortgages. These two factors have made getting on the property ladder easier and more appealing.

Currently, 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 first-time buyers had this much 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 now, partly due to our love affair with the property market and our desire to own our homes.

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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