The firm, which collected the data up to October 2018 and included projected numbers for November and December, estimates that 367,038 first-time buyers secured mortgages in 2018. A huge increase from the financial crisis in 2008, when just 192,300 first-time buyers were able to get their foot on the property ladder.
The data also revealed that in most regions in the UK, first-time buyer numbers have risen progressively over the last 10 years, despite property prices growing faster than wages. First-time buyers now represent a whopping 50% of all homes bought with a mortgage.
This steady increase could be in part thanks to Government initiatives such as the removal or reduction of stamp duty for first time buyers depending on their circumstances. Other initiatives include the Help-to-Buy equity loan scheme and Help-to-Buy ISAs that can boost your savings by £3,000, as well as an increased appetite from lenders to offer 95% loan-to-value mortgages and lower rates.
With strong competition amongst the lenders, it’s important to seek specialist advice to ensure you get the best deal for yourself and, at the same time, help you decide which of the Government’s help-to-buy schemes could benefit you.
If you or your loved ones are thinking about getting onto the property ladder or would like to discuss your buying options, contact your Oviso advisor today.