Challenges Of Being First-time Buyer

Posted on: 10 September 2020

Challenges Of Being First-time Buyer
+ 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.

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