Number of first time buyers hits a ten year high

We're here to help - contact us today

Free Valuation
Back to latest news
23 Feb 2018

Number of first-time buyers hits 10-year high

Author: Antony Gibson

More people are getting on the property ladder than at any time since 2007, with 359,000 first-time buyers making a purchase in 2017.

New figures from Halifax reveal a sharp increase from the 339,600 people who bought their first home in 2016 and show 2017 levels were only just short of the 2007 peak of 359,900.

The average first-time purchase is now worth £278,749 compared with £199,894 ten years ago, while the age of an average first-time buyer has risen from 29 to 31 in the same period.

Antony Gibson, Sales Managing Director at Romans says: “Market conditions have become significantly more favourable for first-time buyers in the last year and this is reflected in a sharp increase in the number of people buying their first home.

“The government’s decision to scrap stamp duty for first purchases of up to £300,000 has reduced the cost of getting on the ladder by thousands of pounds and made it a more realistic prospect for a huge number of people.

“In addition, low mortgage rates, high employment and Help to Buy have all supported young people in getting on the ladder. As such, I expect the trend for rising numbers of first-time buyers to continue through 2018 and beyond.

“First-time buyers are incredibly important to the overall housing market as they allow existing owners to sell up and take their second step. Despite a lack of supply, the fact first-time buyers are increasing in number is extremely positive.”

For more information or advice on getting on the property ladder contact your local Romans branch.

Ask The Expert

Get answers to your property questions

View experts

Follow Romans

Like Romans on Facebook

Latest News Stories

The service was excellent throughout the process and made moving a simple and enjoyable experience " R. Swiatek