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Tuesday, 11 December 2018
MORE people are getting on the property ladder than at any time since 2007, with 359,000 first-time buyers making a purchase in 2017.
New figures from the Halifax reveal a sharp increase from the 339,600 people who bought their first home in 2016 and show that 2017 levels were only just short of the 2007 peak of 359,900.
Halifax managing director Russell Galley said: “A flow of new buyers into home ownership is vital for the overall wellbeing of the UK housing market. This 10-year high in the number of first time buyers shows continued healthy movement in this key area despite a shortage of homes and the ongoing challenge of saving enough of a deposit.”
The average first-time purchase is now worth £278,749 compared with £78,855 10 years ago, while the age of an average first-time buyer has risen from 29 to 31 in the same period.
Antony Gibson, sales managing director at Romans, said: “Market conditions have become significantly more favourable for first-time buyers in the last year and this is reflected in a sharp increase in the number of people buying their first home.
“The government’s decision to scrap stamp duty for first purchases of up to £300,000 has reduced the cost of getting on the ladder by thousands of pounds and made it a more realistic prospect for a huge number of people.
“In addition, low mortgage rates, high employment and Help to Buy have all supported young people in getting on the ladder. As such, I expect the trend for rising numbers of first-time buyers to continue through 2018 and beyond.
“First-time buyers are incredibly important to the overall housing market as they allow existing owners to sell up and take their second step. Despite a lack of supply, the fact first-time buyers are increasing in number is extremely positive.”
For more information or advice on getting on the property ladder, call Romans on 01344 985 666.
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