Hometrack reveals first-time buyers are the driving force of the UK market – industry comment
Founder and CEO of GetAgent.co.uk, Colby Short, commented:
“We have and always will be a nation of aspirational homeowners and so it should come as no shock that those that are yet to reach that life mile marker are the ones pushing the hardest to do so and driving the market forward when they get there.
Although the barrier in achieving this goal remains large with house prices far from affordable, we are currently seeing what could be described as perfect conditions to help boost the number of first-time buyers.
We’ve seen a prolonged period of affordability where mortgages are concerned, static house price growth in many areas and a healthy uplift in wage growth as well as financial incentives. All of which have helped to narrow the gap and make it easier to take that first step onto the ladder.”
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“There’s no doubting that Help to Buy has had an impact in terms of fuelling huge additional demand on the side of first-time buyers and while it has its critics, the scheme has helped a vast number of people to purchase their first home who would otherwise have failed to do so.
Another driving factor behind this rise of first-time buyers is their attitude towards a purchase. We’ve seen Brexit uncertainty cause many areas of the market to grind to a halt as both buyer and seller contemplate the ‘what ifs’ of transacting in the current landscape.
However, this hasn’t deterred first-time buyers who remain grateful to be on the ladder at all, let alone making a profit from their bricks and mortar investment. At the same time, those who simply have to sell have had to do so at a reduced price and all of these factors combine to provide a favourable environment for those looking to buy for the first time.”
You May Also Enjoy
Buying a Home? What you need to know about asbestos
Hodge Bank introduces 80% LTV on Interest Only Mortgages, helping borrowers maximise their affordability
The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence
Ignoring these simple winter property maintenance tasks could cost you big time
Half of first-time buyers delaying until after the Budget