New research puts first time buyers in the driving seat – suggesting a seven-year high in the number of first time buyers and a drop in the average deposit.
A new report suggests that 326,500 people stepped onto the property ladder last year, more than a fifth more than in 2013.
First time buyers are also putting down smaller deposits than in recent years, with their repayments taking up a smaller proportion of their incomes – according to lender The Halifax.
The findings of the survey also reveal:
- There has been an estimated rise of 22 per cent of people buying their first flat or house in 2014 compared with the 2013 figures – the highest figure since 2007.
- The average first time buyers put down a smaller deposit in 2014 - £29,218 compared to £31,582 the year before.
- In the last part of 2014, first time buyers were spending an average of 32 per cent of their disposable incomes on paying the mortgage – compared to 50 per cent in 2007.
The figures make promising reading for developers like Linden Homes North – who are able to help first time buyers step onto the housing ladder, and curb the cost of moving to their dream home.
Linden Homes North sales director Steve Woomble said: “This latest report on first time buyer activity does make interesting and encouraging reading.
“It also marks great news for our potential customers, many of whom are looking to buy their first home, and demonstrates a real confidence in the market.
“And being able to offer the Help to Buy scheme means that we, as a new homes developer, can continue to meet the growing needs and ease the financial burdens of those looking to step onto the housing ladder.”
With a portfolio of properties ranging from chic apartments to family homes – there is something for every budget, taste and living requirement at Linden Homes’ range of developments.
And with the scheme available at many developments around East Riding and other areas of Yorkshire, now is the perfect time to think about moving with assistance from Help to Buy.
Here’s how it works:
- Help to buy is available on new build homes up to £600,000
- Purchasers need a minimum five per cent deposit.
- All homebuyers could be eligible, not just first-time buyers.
- The government will lend you up to 20 per cent of the value of your new build property through an equity loan, which can be repaid at any time or on the sale of your home. This loan is not available on second hand homes.
- Buyers will only need to secure up to a 75 per cent mortgage from a bank or building society.
-ENDS-
For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
