UK Finance, the trade association for banks and finance firms, has reported that the number of first time buyers is at its highest level in the last 10 years.
It said there were 365,000 first time property buyers in 2017, an increase of 7.4 per cent on the previous year, which translates into around 25,000 more first-time housing purchases.
Lucy Beaumont, a Licensed Conveyancer from the Residential Property team based in our Shrewsbury office, said the national picture reflects the experience at FBC Manby Bowdler:
The recent statistics from UK Finance will undoubtedly be music to the ears of the Government that is desperately trying to give the beleaguered housing market a shot in the arm.
It’s too early to tell whether the Chancellor’s scrapping of stamp duty for first time buyers is the root cause but the fact more first buyers are taking a step onto the housing ladder since 2006 is something to celebrate.
One of the other interesting stats to come out of the UK Finance figures was the picture of what the average first-time buyer looks like. They are apparently aged 30 and have an income of £41,000.
We already know that many of them will have turned to the ‘Bank of Mum and Dad’ to get them on to the property ladder. Research by the Centre for Economics and Business Research and the Legal & General financial services group said that in 2016 parents and grandparents now finance 25 per cent of all UK property purchases, coughing up cash to the tune of £5 billion a year.
However you’re financing your home and however old you are, buying your first home is a daunting and unfamiliar procedure. We have a dedicated First Time Buyer team that is experienced in guiding new purchasers through the process.
That’s supported by our discounted conveyancing service for first time property purchasers from just £550 plus VAT (for homes up to £300,000), as we know every penny counts when you’re buying a house.
If you’re new to house buying, visit our First Time Buyers page and download our step-by-step guide for all you need to know about the process.