First time buyers are back
A recent report by the Council of Mortgage Lenders has found that there are more first-time buyers climbing on to the property ladder for the first time since the financial crisis of 2008. In 2016, 42% of all mortgage loans for house purchases were issued to first-time buyers, up 34% in 2011 and 30% in 2007.
The Council of Mortgage Lenders believes various Government schemes to help them have no doubt been working, as well as low interest rates and rising employment.
Less-traditional ways have also been helping, according to the latest English Housing Survey. They estimate that 29% of first-time buyers have help from the ‘Bank of Mum and Dad’, a trend that has grown in recent years.
This is such encouraging news as a lot of young people have been trapped in the rental sector, making it harder for them to save up for a deposit due to rising rents.
However, house prices are rising quickly in our area, so those thinking about purchasing their first home may need to act quickly. Having said that, they should be rewarded with good capital growth when they want to upsize.
Apartments make great homes for first-time buyers. They offer a superb location for anybody wanting to be in the heart and soul of city living in Bath. They boast lots of character - some of which are Grade I listed – security systems and lower maintenance and utility bills. Being apartments specialists, 100% of our properties are apartments, so do get in touch if we can help you find your first dream home.