12-year high for the number of first-time buyers

The number of first-time home buyers has reached its highest level for 12 years.

Data collected from mortgage lender shows that 35,010 people started their journey on the property ladder in August 2019. This is the highest in a month since August 2007.

Information from both UK Finance and the Ministry of Housing state that 87% of people would prefer to buy instead of rent properties.

The results also show that 57% of people are in support of new homes being built in their communities which is up from 28% in 2010. It is clear that the public has become more aware of the housing shortage and how it is being dealt with.

These were welcome by Housing Minister Esther McVey, who added that, except one, more houses were built in 2018 than any other year in the last 31.

The availability of the government’s Help-to-Buy schemes is said to have had a positive impact on these numbers.

Please contact us if you would like advice about the legal aspects of buying and selling a home.