First-time buyers reach 10 year high

06 Feb 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.

If you or your loved ones are thinking about getting onto the property ladder or want to discuss
your buying options, contact your adviser today.