First-time buyers at highest level since 2007

housebuyers

The BBC news reported this morning

The number of first-time buyers in 2014 rose to its highest level in seven years, according to one of the UK’s largest lenders.

The Halifax estimates that 326,500 people bought their first house or flat last year – a rise of 22% compared to 2013.

That was the highest total since 2007, at the start of the financial crisis.

The main reason was cheap mortgage rates, and government schemes like Help to Buy, which require small deposits.

Better job prospects may also have helped.

“Improving economic conditions and rising employment levels have boosted confidence among those thinking about getting on to the housing ladder for the first time,” said Craig McKinlay, mortgages director at the Halifax.

Affordability

The Halifax said the size of the average deposit fell by 7% during the year.

In 2014, first-time buyers typically had to find a down-payment of £29,218 – compared with £31,582 the year before.

And they spent a smaller proportion of their income on the mortgage than in previous years, thanks to lower borrowing rates.

In the third quarter of 2014, first-time buyers were spending an average of 32% of their disposable incomes on paying the mortgage, according to the Halifax.

That compares to 50% of their incomes back in 2007.

However, prices themselves went up.

The average first-time buyer paid £171,870 in 2014, a 9% rise on the previous year.

About 80% of those taking advantage of the government’s Help to Buy scheme are purchasing their first property.

Help to Buy enables people to put down a deposit for as little as 5% of the selling price.

housebuyer 2

If you are looking for Surveyors all over the UK. 

 

Visit our website www.taylorwilkinsonltd.co.uk   OR give us a call for more details! 

If you prefer to contact direct call Geraldine on 07828989477 or Marion on 07885 543 428

 

Come and like our Facebook page.
https://www.facebook.com/TaylorWilkinsonSurveyorsLTD

Share This Post

More To Explore

Fire extinguisher system on the wall background,
Updates

Introducing Our New Services

Fire Risk Assessments, Asbestos Surveys, and Legionella Risk Assessments At Taylor Wilkinson Surveyors, we are committed to expanding our service offerings to meet the evolving

Request a quote today

If you would like a quote, please get in touch and a member of our team will be happy to help