Number of first-time home buyers reaches 12-year high
The number of first-time home buyers has reached its highest level for 12 years.
The latest mortgage data reveals that 35,010 people took their first step on the property ladder in August.
That’s the highest monthly total since August 2007.
The figures, from UK Finance, follow the Ministry of Housing’s own research revealing 87% of the public would prefer to buy rather than rent.
It also found 57% of people support the building of new homes in their own community, up from 28% in 2010 – demonstrating that the public remains pragmatic about how the shortage of new homes is addressed.
Housing Minister Esther McVey welcomed the figures and added that there were more houses completed last year than in all but one of the last 31 years.
It’s thought that the figures have been boosted by the availability of the government’s Help-to-Buy schemes.
Please contact Dipak Odedra or Gurjit Dhadar if you would like advice about the legal aspects of buying and selling a home.