Nine year high for numbers of first time buyers.
More first time buyers purchased homes in 2016 then in any other year since 2007, according to a study by the Halifax. Record low mortgage rates, high employment levels and access to Government schemes are thought to have contributed to the increase. Although at 359,750 the number of first time buys last year is still 17% below the pre-recession peak in 2006.
The study also reveals that deposit prices have more than doubled in the last decade, rising from £15,000 in 2006 to more than £30,000 last year. The figure is even higher in London where the average first time buyer’s deposit it over £100,000.
Many mortgage options are still available.
Although the mortgage guarantee scheme finished at the end of December 2016, there are various mortgage options available with the same criteria and some lenders are still offering 5% deposits. Also many lenders offer options for relatives and friends to be guarantor on the mortgage.
If you are a first time buyer or you know of a first time buyer in need of help to make their first joyful move, we at Homesale would love to help, pop in to see us at our 18 Grosvenor Street office or give us a call on 01244 313900.