First Time buyers reach decade high
First-time buyers reach 10 year high In recent times it appears to be harder than ever to get that first step onto the property ladder. In the last 30 years house prices have increased a staggering 554%, so it may come as a surprise that first-time buyer mortgage figures have hit their highest level in a decade, according to data by Yorkshire Building Society.
The building society collected its data until October 2018, with November and December projected within the analysis.
The firm estimates that 367,038 first-time buyers secured mortgages in 2018, up drastically from the financial crisis in 2008 where just 192,300 first-time buyers were able to get their foot on the property ladder.
The data also revealed that in most regions in the UK, first-time buyer numbers have risen progressively over the last 10 years, despite property prices growing faster than wages. First-time buyers now represent a whopping 50% of all homes bought with a mortgage.
This steady increase could be in part thanks to government initiatives such the removal or reduction of stamp duty for first time buyers depending on their circumstances, the Help-to-Buy equity loan scheme and Help-to-Buy Isas that can boost your savings by £3,000, as well as an increased appetite from lenders to offer 95% loan-to-value mortgages and lower rates.
The strong competition amongst the lenders makes it important to seek specialist advice to ensure you get the best deal for yourself, and they can also help you decide which of the government’s help-to-buy schemes could benefit you.
Speak to Darren Littler Mortgages. We can review very quickly the best options and deal with your existing lender for a new rate as well as look at the alternatives in the market.