6 Jan

UK first time buyers hit highest numbers ‘in over ten years’

UK first time buyers hit highest numbers ‘in over  ten years’

Last year recorded a 22 per cent increase of first time buyers in the UK, according to the latest First Time Buyer Review report released by the Halifax.

The rise is the largest in the UK in over ten years, as the house buying environment has become more attractive to those looking to purchase their first home.

Affordable prices and greater availability in terms of mortgages are two possible reasons for the increase, according to the Halifax.

As well as this, the government’s Help to Buy scheme has led to more people seeking out the services of an estate agent as they look to get on the property ladder for the first time.

Martin Ellis, housing economist at the Halifax, said: “Low interest rates, improvements in consumer confidence and government schemes, such as Help to Buy, all appear to have contributed to the rise in the number of first time buyers.” 

Approximately 265,000 first time buyers entered the market in 2013, which is a market increase from the figure of 218,000 recorded in the previous year.ADNFCR-1222-ID-801678964-ADNFCR

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