Highest amount of first-time buyers in almost 20 years

Despite a strong market leading to an increase in the average house price, it hasn’t deterred first-time buyers from getting onto the housing ladder during 2021, which saw the highest number of transactions from this sector of the market in almost 20 years. Yorkshire Building Society estimated the number to be around 408,300. According to this report in the Guardian, it’s thought first-time buyers have been able to boost their savings due to lower spending levels resulting from the lockdowns and coupled with low borrowing rates and government guarantees, it’s been more likely they were able to save for a deposit and find suitable mortgage products. First-time buyers made up half of all house purchases during the last two years, compared with less than 40% during 2006-2011. 

Read more here.