326,000 first time buyers purchased a home last year
The Halifax has today released a report to suggest that first time buyers managed to buy a home in record numbers and is the highest level since 2007 and the financial crisis of 2008. Despite rising house prices and some difficultly in the mortgage market towards the end of last year the number of first time buyers topped 325,000 and will be welcomed by the government and the Bank of England.
The figures were an increase of 22% on 2013 and was helped by the number of incentives that have been introduced by the government to try and get the housing market back on it's feet again. Buyers took advantage of the "Help To Buy Scheme" which enables borrowers to put down a smaller deposit. Buyers also took advantage of the recovery in the jobs market and will also now benefit from the stamp duty changes that have recently been announced.
Improving economic conditions and the competetive market market has persuaded many buyers to get on the hoiusing ladder. Buyers are also aware that with house prices still rising therey are worried that they will miss out and will not be able to afford a home in the future. Buyers are also aware that the Help To Buy Scheme will not be offer forever with many borrowers unable to buy a home if the scheme was withdrawn.
In many respects it has never been a better time to buy a home. Renting in London has become so expensive that buyers are being priced out of their rented homes. For many of them who have purchased a home over the last 12 months have already seen house prices increase.