First Time Buyers at Highest Level since 2007

First Time Buyers at Highest Level since 2007 – According to data from UK Finance up until June 2019, it has been revealed that the number of First Time Buyers continues to rise. In fact, there are more First Time Buyers now seeking mortgage advice since 2007 (pre-credit crunch). Over 30,000 first-time buyers took out mortgages during July. This is the highest since before the credit crunch, a 25% increase on the same time last year. In my experience, external economic factors such as Brexit are less likely to put of First Timer Buyers than Home Movers. Home movers are rarely 100% certain that they ought to move, so when you throw in some political uncertainty it’s completely natural for them to say, “Let’s just wait and see what happens”. 

Things are clearer for First Time Buyers. If they have the deposit available (that is the hard bit) then the choices are stark: continue living with parents, waste money on rent or buy. Most prefer to buy if they can. 

Increase in First Time Buyers

Over the past 10 years, the number of First Time Buyers has increased by over 130%. This is because more 95% options are now available and access to Help to Buy Equity Loan Mortgages. Over half of all homes purchased with a mortgage are by First Time Buyers with the remainder built up from Home Movers and Buy to Let Investors. The last time first time buyers had more than 50% of market share was in 1995 when only a small number of Buy to Lets were taking place. The percentage of first time buyers has been rising steadily for nearly 20 years as the UK’s love affair with the property market stays as strong as ever. In terms of value, homes in the North East of England are amongst the lowest. The average is currently just shy of £140,000.

All Round Mortgage Advice

We find that First Time Buyers really value advice from a local Mortgage Broker. It’s not just about finding the cheapest deal for them. First time buyers appreciate having solid advice and guidance throughout the full buying process of first home. Clear advice,  jargon free, explanations on such things as how to make an offer, which type of protection insurance to buy, what survey to go for and a many other questions answering. We love helping First Time Buyers achieve their goals and we’d love to hear from you if you think you’d benefit from a Free Mortgage Consultation to find out more.