Blog Post

Challenges of a first-time buyer

Gill - Head Gillian Bell Sep 16, 2020, 14:15 PM

190_Dataloft_First-time_buyer_challenge-01

While attention is focused on equity-rich buyers making lifestyle changes, it’s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame.

First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today. Despite this, the average age of a first-time buyer has remained at 31 for the last 15 years. Help to Buy and SDLT relief have helped.

Rising house prices are not the only obstacles for first-time buyers. The pandemic has led to fewer higher LTV products available and increased mortgage rates on higher LTV products.

Parents are the answer for some. 19% of house sales in 2019 were funded partly or wholly by friends and family, and this figure is expected to rise to 23% in 2020. Source: Dataloft, Halifax, Legal and General

Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"⭐️⭐️⭐️⭐️⭐️"

- Claire

"Jenna and Ben were both very friendly and helpful"

- Lana

"Thanks to Jamie who was a friendly and initiative to his work"

- Nara & Gunchin

"When it came to sell they delivered through the Covid 19 pandemic too"

- Gavin

"Always had time to clarify anything we were unsure of."

- Valeria

"Jamie kept me up to date throughout the process"

- Mr J

"Smooth transaction, would recommend them."

- Moazzam

"Great work keep it up!"

- Muhammed