The number of first-time buyers active in the market has grown by 85% since 2010!
To put this into perspective, the total of existing home-owners, cash buyers and buy to let borrowers in the market grew 8%, 37% and 35% within the same period, respectively.
And the trend shows no signs of stopping: In 2018, 36% of all sales were those stepping onto the property ladder for the first time. At Mortgage Scout, we have certainly seen an increase with over a quarter of our new business in August attributed to first-time buyers!
In other first-time buyer news, almost half of first time buyer purchases are partially funded by parents or grandparents. According to studies, more and more older homeowners are asking about guarantors, remortgaging, selling existing buy to lets and taking out new mortgages. There is also a direct correlation between the rising number of first-time buyers and the increase in older homeowners looking to release equity in order to support younger relatives.
With the popularity of the Help to Buy Scheme and government proposals to overhaul the shared ownership scheme, there has never been a better time for first-time buyers to take that first step!
If you are thinking of purchasing your first property or you are a parent/grandparent looking to release equity to help a relative, please give us a call on 0800 1444 744 and we will guide you through the process.
