11 Apr

First time buyers helped to buy property for sale in Brighton and Hove?

First time buyers helped to buy property for sale in Brighton and Hove?

According to research by HSBC, 78 per cent of all non-homeowners aspire to get onto the property ladder.

Among 18 to 24-year-olds, the figure climbs to 86 per cent of those currently renting or living at home.

For young first-time buyers, property for sale in Brighton and Hove could be ideal first homes – the city offers a varied and vibrant nightlife and numerous employment opportunities.

The fact that Brighton and Hove is the most densely populated area of the south-east of England is testament to demand for houses for sale in the area.

However, house prices in the city have more than doubled over the past decade, putting them out of reach for some buyers.

According to the Land Registry, the average price of a house for sale in Brighton and Hove is £218,740.

HSBC has revealed that only 19 per cent of aspiring homeowners expect to be able to purchase a home within the next five years, with saving a deposit and securing a mortgage cited as two of the main barriers to buying.

However, the bank does suggest some possible solutions for first-time buyers which could help them to secure property for sale in Brighton and Hove and across the UK.

The government is planning to help bring currently empty homes back into the UK housing market - more than 300,000 have been vacant for more than six months – which could boost the number of properties for sale for first-time buyers.

In addition, HSBC suggests providing lenders with insurance to allow them to offer high loan-to-value (LTV) mortgages which could help first-time buyers to get onto the property ladder.

The bank says if both the borrower and lender can be protected from the additional risks of 95 per cent LTV mortgages then more people may be able to buy property for sale in the next five years.

Houses for sale in Brighton and Hove offer the chance to live in an area with a unique blend of Victorian heritage and modern trends and the iconic Brighton Pier and pebble beach provide a vibrant focal point for the seaside resort.

Demand for homeownership has been demonstrated by HSBC's research – but more may need to be done to ensure people's aspirations come to fruition.ADNFCR-1222-ID-800495361-ADNFCR

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