First time home buyers are back in a big way in the UK. Thanks in part to record low rates and the threat of rate increases and housing price increase people are out and they are buying for the first time. Last quarter first time buyers accounted for over 30% of the overall homes bought. This is up over 10% from last year at the same time. Marketers are trying figure out if this trend will continue.
Key Takeaways:
- Great mortgage deals help new buyers to buy property as long as they managed to save up enough money for the deposit.
- Come April the tax relief on mortgage payments will start to go away, which will drive up rents.
- The new Lifetime Isa (Lisa) will make it easier for young people to save up money for a deposit. The government will give them a 25 per cent bonus, maximum £1,000 a year.
“First-time buyers “dominated” the housing market in February, making up 36 per cent of all buyers”