Challenges of a first-time buyer

In this quick article we look at the challenges faced by today's first time buyers

While attention is focused on equity-rich buyers making lifestyle changes, it’s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame.
First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today. Despite this, the average age of a first-time buyer has remained at 31 for the last 15 years. Help to Buy and SDLT relief have helped.
Rising house prices are not the only obstacles for first-time buyers. The pandemic has led to fewer higher LTV products available and increased mortgage rates on higher LTV products.
Parents are the answer for some. 19% of house sales in 2019 were funded partly or wholly by friends and family, and this figure is expected to rise to 23% in 2020. Source: Dataloft, Halifax, Legal and General

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The Hard Truth About Attleborough’s Young: Where Do They Live and What Does the Future Hold?

It’s no secret that the younger generation in Attleborough is finding it tough to get onto the property ladder. With the rising cost of living, stagnating wages, and stricter mortgage criteria, it's no surprise that fewer under-34s are becoming homeowners.

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