First-time buyers: Where do millennials stand on the property ladder? July 21, 2021 Around two-thirds of people aged in their 20s and 30s hope to buy a new home in the next five years, according to a survey. Some 66 per cent of people in their 30s and 67 per cent in their 20s are considering buying a property in the next five years, compared to 38 per [...]
First-time buyer hell: The London areas where you pay more than £20k per square meter January 31, 2022 New research has revealed the most expensive areas for homebuyers in the UK. The area where your money will get you the least floor space is Kensington & Chelsea, with an average cost of £28,509 per square metre, while another affluent area ranks second, with the average house in Westminster costing just over £1m, with [...]
First-time buyers in London now need to stump up nine times their annual earnings to get on property ladder November 25, 2021 A new report published this morning shows that first-time buyers now have to cough up five-and-a-half times their typical annual earnings to get on the property ladder. In London that is even nine times. As house prices have surged, the average first-time buyer house price-to-gross earnings ratio in the third quarter of this year was [...]
First-time buyers: London’s most affordable and up and coming areas June 7, 2021 The property market has boomed over the past year, thanks to the stamp duty holiday which has given a lot of first-time buyers the opportunity to get their foot on the property ladder. Coupled with the introduction of the new government backed 5 per cent deposit scheme, designed to help home buyers, the market is [...]
Bank of mum and dad finances half of all first-time buyer purchases as parents spend $10bn October 22, 2021 Nearly half of all first-time buyer housing transactions this year are being financed by the ‘bank of mum and dad’, according to a new property forecast, shared with City A.M. this afternoon. Total contributions from parents helping younger generations to buy a home are expected to reach £9.8bn in 2021, analysis from property group Savills [...]
Pandemic pressures leave would-be first-time buyers further from homeownership June 16, 2021 The impact of the pandemic, both on the property market and on personal finances, has left a gulf between struggling would-be first-time buyers and those already on the ladder. More than four-in-10 first-time buyers delayed plans to buy a home in 2020, with the majority saying raising a deposit is the biggest barrier to homeownership, [...]
First-time buyer price inflation nears 10 per cent as London house prices shoot past £500k November 6, 2021 First-time buyer annual house price inflation is now at a five-month high, at 9.2 per cent, and has pushed ahead of the equivalent measure for home movers, at 8.1 per cent, according to property experts. In London, the average house prices have shot passed £500k. The average UK house price hit a record high of [...]
Lenders hand out most mortgages to first-time buyers in nearly 20 years June 3, 2021 Banks and building societies handed out more mortgages to first-time buyers in March than any time since 2002. Across the UK, 42,330 mortgages were issued to first-time buyers in March, marking the highest monthly total since December 2002 when 44,000 were advanced, according to trade association UK Finance. Many people who would have taken their [...]
First-time buyers offered new homes at up to half price under government scheme June 5, 2021 First-time buyers in England will be able to apply for a discount of up to 50 per cent on a new build home under a government project launched today. The First Homes scheme will help people onto the property ladder, which experts believe could spark a scramble for properties and further bolster the house price [...]
Nationwide to lend first-time buyers five times their income on long-term mortgage April 20, 2021 First-time buyers with deposits as low as 10 per cent will be able to borrow five and a half times their income when taking out a longer-term mortgage, the UK’s biggest building society said this morning. Nationwide Building Society said that under its “helping hand” initiative, first-time buyers across the UK will have the option [...]