What Do First Time Buyers Look Like?

What Do First Time Buyers Look Like?

When we say first time buyer, what comes into your head?

We bet you’re thinking of someone in their early twenties who lives with Mum and Dad.

Well, nowadays there’s no typical first time buyer!

So many people are now delaying buying a home. Many first time buyers we help arrange a mortgage for are in their thirties, forties and even fifties!

In fact, in 2018 research revealed that the average first-time buyer was 30 years old, paying around £21,000 as a deposit.

2019 so far…

We all know that future predictions are a little ‘all over the place’ at the moment due to Brexit talks.

However, the housing market has remained positive and according to the latest data published by e.serv, mortgage lending figures have increased.

January is usually known to be a quieter month for mortgage approvals, however this year there were over 66,350 mortgages approved throughout the month.

This is an increase of 4% between December and January!

We asked our New Build Manager, Ellis Clapp, to give her thoughts on the current climate for first time buyers.

“In addition to the positive statistics above, our own company data for January shows that we’ve had a strong start to the year and that, on average, 80% of enquiries we looked after were first time buyers.”

“Although there’s various predictions for the year ahead, an increase of 4% in mortgage approvals shows that people are increasingly understanding that it’s cheaper to buy than rent!”

“If you’re a first time buyer and want to know how to get started, we’d love to help! Get in touch and we can talk you through everything.