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Challenges of a First-Time Buyer

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Thu 17 Sep 2020

Challenges of a First-Time Buyer

Today's bitesize market stats: 

While attention is focused on equity-rich buyers making lifestyle changes, it’s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame.  First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today. Despite this, the average age of a first-time buyer has remained at 31 for the last 15 years. Help to Buy and SDLT relief have helped.  Rising house prices are not the only obstacles for first-time buyers. The pandemic has led to fewer higher LTV products available and increased mortgage rates on higher LTV products.  Parents are the answer for some. 19% of house sales in 2019 were funded partly or wholly by friends and family, and this figure is expected to rise to 23% in 2020.

*  Source: Dataloft, Halifax, Legal and General


For an informal chat about local market conditions in and around Chelsfield, please call us today:  Langford Rae Property Agents in Chelsfield - 01689862770.