The growing surge in first-time buyers
As the years come and go we see a variety of trends in the property market, we meet the challenges each trend provides head on. Today is no different, it is tough, due to the lack of properties coming onto the market. Vendors seem reluctant to sell, whether it is the uncertainty of Brexit making people think twice about selling we are unsure, but what we are certain of is the growth in first-time buyers.
These intrepid buyers are not perturbed by the political situation, they just want to have a home of their own. And research backs our own experience and findings, as according to Lloyds Bank in the first six months of 2018 there was a 16% drop in homemovers compared to the same period in 2017. Yet as people looking to move up and down the ladder slumped, the number of people wanted to get on the ladder rose by 3%.
In many of the areas we cover, there are fantastic opportunities for first-time buyers, due to housing schemes and also more affordable housing available to purchase. Such as a fantastic 2 bedroomed home in Godreaman for sale for £59,995, not only is it a great starter home, it also provides potential to add value as it already has approved planning permission for a detached double garage.
Then if we head over to Abertillery, we have a property on the market for only £35,000. This is also a two bedroomed house, and before you start thinking it must need gutting – we invite you to take a look inside. Yes there is no doubt its garden needs some serious work, but a small price to pay when you think you can get your foot on the housing ladder and own your own home.
According to mortgage products director at Lloyds Bank, Andrew Mason the reason for this trend could be .. “in part due to the Help to Buy scheme enabling first-time buyers to purchase a new property, combined with the low availability of the ‘right type’ of homes for those looking to move up the housing ladder.”
And for the lack of movement in the rest of the property ladder? Mason believes that “The costs of moving house and potential further interest rate rises may also be weighing on potential homebuyers’ minds.”
If you’re looking to buy a home for the first time we can support you the whole step of the way. We know how daunting the prospect can be with so much jargon and legalities, but we can turn the confusing into easy steps allowing you to enjoy the process along the way.
If you would like advice on how to buy your first home, come and chat to your local branch at Bidmead Cook.