First time buyers
First time buyers (FTBs) have had to navigate significant challenges over the last few years, with the Covid pandemic, soaring inflation and rising interest rates presenting new and unforeseen hurdles to buying a home.
However, despite these challenges, our latest research reveals that more than a quarter (29%) of all UK residential property transactions in the last five years were carried out by FTBs.
The research shows that the average age of a first time buyer has only risen by one year from 33 to 34 since 2022. And average house prices vary widely across the UK, ranging from £193,800 in Yorkshire to £374,100 in Edinburgh in 2023.
Importantly, the research demonstrates the value of advice in the homebuying process. Nearly all buyers who used a mortgage broker (96%) said they proved to be invaluable, an increase from 90% in 2022. This illustrates the importance of brokers in helping FTBs to navigate today's higher rate mortgage market.
You can read the full report here.
