Category Archives: First Time Buyers

Oxford named the hardest place to buy a home in Britain for first time buyers

Oxford is the toughest town for first time buyers to get a foot on the UK property ladder, taking over from Brighton as the country’s premium property hotspot. Bradford & Hull, on the other hand, proved the most affordable, according to new analysis by job search engine Adzuna.co.uk.

The research shows that nearly three quarters (72%) of homes in Bradford fall within financial reach for first-time buyers on average local incomes. London, High Wycombe, Reading and Brighton are amongst the most unaffordable places to purchase first properties as wages stagnate and property prices soar across Britain.  Continue reading

First-time buyers flying through the Prime London property market

First-time buyers are almost neck-and-neck with investors in the Prime London property market, according to estate agent Marsh & Parsons’ latest London Property Monitor. 

While investors continue to account for the majority of house purchases made across Prime London, this margin has narrowed significantly after a huge spike in first-time buyer sales in the past three months. Continue reading

Parents delaying having children because of sky-high housing costs

The sky-high cost of housing is preventing nearly a quarter of 24-39 year olds from starting a family, new research shows.

As a home of their own becomes a distant dream for many, figures from Shelter and YouGov show prospective parents across the UK are putting off having children because housing is so expensive, with 57% of them waiting for up to five years to start a family. Continue reading

Young and lower income pay the price for ‘broken’ housing market

Young people and people on lower incomes are paying the price for the UK’s broken housing market according to a new report.

The extent to which housing is driving inequality and disadvantage is laid bare by the UK Housing Review 2015, published yesterday (Monday 9 March) by the Chartered Institute of Housing (CIH). Continue reading

Housing ties with healthcare as the biggest election concern for tenants

Housing and healthcare are the two biggest concerns for both tenants and first-time buyers in the run-up to the General Election in May, according to the latest First Time Buyer Opinion Barometer from Your Move and Reeds Rains.

For tenants, housing is just as likely as healthcare to affect how they will choose to vote. One in six tenants (16%) revealed that housing was the issue that would be most likely to affect their vote at the General Election, while a further 16% cited healthcare as their primary concern. Continue reading

6% more first-time buyers in London

New CML data on the characteristics of lending in Greater London in the third quarter of 2014 show the market grew in both house purchase and remortgage activity compared to the previous quarter.

First-time buyer loans totalled 13,300 in the third quarter in London – 8% up on the previous quarter, and 6% up on Q3 2013. First-time buyers in the period borrowed £3.3 billion – up 11% on the previous quarter and 16% on Q3 2013.

There were 10,600 home-mover loans in the third quarter, up 16% on the previous quarter but 1% down on Q3 2013. Total value of these loans was £3.7 billion, up 18% on the second quarter and 10% on the third quarter 2013.

Remortgage lending in the quarter showed growth in London compared to the previous quarter but down in volume slightly compared to the third quarter last year.

Paul Smee, CML director general, commented:

“London lending is currently driven by both home-mover and first-time buyer growth so borrowers can still find homes in London at their affordability level. Despite the growth of lending to its highest level for seven years, these figures have remained pretty consistent for the past twelve months which suggests a steady market.”

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Homeownership is becoming an ‘exclusive members club’

Only the wealthiest of the next generation will be able to buy a home if current trends continue, warns the National Housing Federation, as a new report shows that first-time buyers now have to pay, in real terms, ten times the deposit needed in the early 1980s.

The Broken Market, Broken Dreams report reveals that first-time buyers today have to earn more, borrow more, stump up a larger deposit and rely more on family wealth than even a generation ago. Continue reading

First time buyers helped by parents with £23k each

UK parents give an average of £23,000 when helping their children with a deposit to get onto the property ladder, according to research from Shelter.

Highlighting the increasing strain on the Bank of Mum and Dad, the same poll also found that a fifth of parents helping their children onto the housing ladder had done so using savings set aside for retirement or elderly care. Continue reading