First time buyers paying proportionately more for a home than others in the UK - Property Wire

First time buyers paying proportionately more for a home than others in the UK – Property Wire

The housing crisis isn’t just an American problem, home buyers in the United Kingdom are running into the same issues as we are, your money just does not go as far these days. This very short article discusses how first-time home buyers are making better decisions and are willing to pay less for their homes overall. They suggest that negative trends could be corrective if wage growth continues and buyers become more confident in their economic situations.

Key Takeaways:

Among all types of property buyers in the UK, it was first-time homebuyers that were tagged with the highest payout numbers within the last fiscal year.
Land registry data revealed that the number of areas where first-time buyers willingly chased the market to pay proportionally more than homemovers dropped dramatically.
The abysmal drop and general buyer wariness is blamed largely on affordability issues, but also in Brexit concern.

“Overall, the appetite of first time buyers to chase the market collapsed in 2018 in more than 100 major cities in the UK, according to the analysis by HPP home finance provider Gatehouse Bank.”