Welcome back First Time Buyers!
They always say the property market stands on the strength of first time buyers. If new buyers aren’t entering the market, then things pretty soon grind to a halt. It stands to reason that if no one is buying at the bottom of the ladder then it makes it hard for things to shift any higher up the ladder.
But apparently, the number of sales made to first time buyers rose in September, according to the National Association of Estate Agents. First time buyers accounted for 29 per cent of all sales in September, compared to just 20 per cent in August.
It’s thought the increase is due to some more competitive mortgage products being available, encouraging potential buyers to take the plunge, along with the expected interest rate rise now likely being put back until late 2016.
The average price of a starter home in the UK is now £215,000, and the average first time buyer is 36 years old – a big difference from the 1960s when people typically bought a home at 23 for £2,530! Research from the Halifax showed that semi-detached homes have risen in popularity among first-time buyers, accounting for 28 per cent of purchases in the first half of 2015 compared with 21 per cent in 2005, while those buying flats decreased over the same period. However, terraced homes are still popular choices for new homeowners across Yorkshire and the North.
So if you’ve been putting off a move up the ladder, or your first step on to the bottom rung, waiting for the right time – now may be it!← A Guide to Moving Abroad A Guide to Packing Safely for Moving House →