First-Time-Buyers at Highest Level since 2007
Statistics from June 2019 given by UK Finance revealed that the number of First-Time-Buyers continues to rise. In fact, Mortgage Advice is more sought after from First-Time-Buyers who are at their highest numbers since 2007.
It would seem most often than not that external economic factors such as Brexit are less likely to put off First-Time-Buyers than Home Movers. Home movers are rarely 100% certain that moving is the right choice, so when people are uncertain about what’s going on in terms of politics, it creates more uncertainty for what will happen financially and within the property market.
Things are more laid out for First-Time-Buyers. If they have the deposit available, which is seen as the biggest obstacle, then the choices are clear: continue living with parents, rent a property or buy. The option of buying is usually the most popular choice.
Over the past 10 years, the increase of First-Time-Buyers has risen by 130%. This is because more options are available such as 95% mortgages and accessible Help to Buy Equity Loan Mortgages.
The majority of properties bought via Mortgage are by First-Time-Buyers with the minority being Home Movers and Buy-to-Let Investors. The last time First Time Buyers had a higher percentage within the market share was in 1995 when only a small number of Buy-to-Lets were taking place.
The percentage of First-Time-Buyers has moving steadily upwards for almost 20 years as the UK’s bond with the property market stays as strong as ever. When reviewing value within the UK homes, the North East of England appear to hold the lowest in value. The average comes around the price of £140,000.
In our experience, we have found that First-Time-Buyers really value advice from a local Mortgage Broker. Our focus isn’t just about finding the cheapest deal. Our clients will always have our full support throughout the full process of buying their first home. We explain the jargon, offer advice on the most strategic ways for them to make an offer, what protection insurance to buy, what survey to go for and other questions on their mind.
We prioritise in helping our customers achieve their goals and we’d love to hear from you if you think you’d benefit from a Free Mortgage Consultation.