News Posted: 3 Jan 2020

First-time buyers reach highest levels since 2007

2019 saw the number of first-time buyers in the UK hit a 12 year high, with approximately 353,400 new buyers taking their first step onto the property ladder, according to a newly released report by the Yorkshire Building Society. The year saw records hit their highest levels since the financial crisis of 2008, with those entering the property market for the first time accounting for over half of all homes bought with a mortgage.

Nitesh Patel, economist at the Yorkshire Building Society said, ‘In recent years, first-time buyers have been helped by strong competition driving mortgage rates down to near-record lows, making borrowing more accessible.

Also, government schemes such as stamp duty relief, help to buy equity loans and help to buy ISAs will have made an impact.

This combination of factors has made buying a home more accessible in recent years.’

Taking the first step onto the property ladder is one of life’s biggest milestones, however the complicated legal procedure and many steps involved in the purchase of your first property can be daunting. Our expert conveyancing department has a wealth of experience and will guide you through the process in a smooth and timely manner, ensuring that you receive the help and reassurance you require.

You can contact our conveyancing department or make an appointment by calling us on 0191 263 6200.  Further information on the range of conveyancing services we provide can be found by visiting our Conveyancing and Price Transparency pages.

Sources: independent.co.uk, 2 January 2020, Vicky Shaw, “Number of first-time property buyers ‘at highest level since 2007’”. Daily Mail, 2 January 2020, page 28.

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