Highest Number of First Time Buyers since 2007

First-time buyers may be forgiven for thinking that it appears to be harder than ever to get their first step onto the property ladder. House prices have rocketed over the last 30 years, according to Halifax, while the average UK annual salary has only increased from £20,800 to around £24,200 according to the Office for National Statistics.

This means first-time buyers are having to save much larger deposits over a longer period of time to be able to afford their first home. According to the Office of National Statistics the average age of first-time buyers has risen by almost a decade since 1997.

But, despite all of the challenges first-time buyers are currently faced with, they’re still finding ways to get that all important first-step onto the property ladder. First-time buyers reached 170,080 in the first half of 2019, the highest since 2007 according to Yorkshire Building Society.

The research shows that the number of first-time buyers has increased by a massive 136 per cent over the last 10 years.

Yorkshire Building Society added that first-time buyers now make up a staggering 52 per cent of all UK homes bought with a mortgage, representing the highest market share since 1995.

This may come as a surprise, especially when the research also highlighted that the average price of a first-time buyer property has risen 41% from £167,091 in 2007, to £236,089 in the first half of 2019.

It suggests that mortgage lenders are doing more to cater for first-time buyers and creating innovative products to be able to help them – this is why seeking professional advice is invaluable when looking to purchase your first home as an adviser will be able to help you pick a product that is right for you and your personal circumstances.

If you or your loved ones would like to join the rising number of first-time buyers, contact us to find out how we may be able to help!

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