Advice for first time buyers

Getting a foot onto the property ladder has always presented challenges. Research suggests that first time buyers could currently experience the most expensive conditions in 70 years.

Who is most affected?

In the current property market, a successful first purchase often requires two high incomes plus financial support from family members. Therefore, those who are buying alone, have lower incomes or cannot access help from family members are most likely to lose out.

How old to buy your first home?

First time buyers are now forced to stay at home or in the private rented sector for longer. The average age of a first-time buyer is now 35, having risen from 32.

Delaying proceedings

Ongoing market uncertainty has caused hopeful homeowners to put their dreams on hold; over the last year, 49% of prospective buyers have had to postpone their plans.  Just over half of buyers have said that high house prices were the main reason for delaying while 41% cited rising mortgage costs.

Comprising is key

If you are a first-time buyer, you will likely need to consider different options should you wish to get on the property ladder; 38% of those who have become homeowners in the last five years said they had to compromise. For example, 40% of buyers who purchased a home needed some renovation, whilst 34% moved to a different location.

Decline in homeowners

Overall, in the last 20 years, the number of residential owner-occupier mortgages has decreased by more than two million since its peak in 2002. The UK has not seen such a low level of mortgages since the end of the 1980s.

Advice is key

We understand the difficulties that a first-time buyer may face. You can make your home-owning dreams a reality with the right advice.