Ground Rent Blog

Increased number of first time buyers in 2014

Posted by Admin on January 09, 2015 |

Halifax report number of first time buyers increased in 2014

The number of first time buyers that bought a home last year increased to it's highest level since 2007. Figures released by the Halifax showed the the number of first time buyers had increased to 324,000. The figure is a 22% increase on 2013 and is being celebrated by the government who have said that the property market is well into its recovery phase.

Much of the activity in the market has been put down to the Help To Buy Scheme and the availability of cheap mortgages. Banks and building societies have become very competitive and have been quick to take advantage of the various government schemes that have been made available.

First Time Buyers Using Help To Buy Scheme

The Help To Buy Scheme which enables buyers to purchase a home with a 5% deposit and has been very popular with first time buyers. Buyers have also been encouraged to buy a home because the jobs market has also vastly improved over the last year and job security is no longer an issue with many buyers. Buyers have also been keen to get onto the housing ladder whilst they can still afford a home.

House prices have increased so quickly that many are concerned that they will be left behind and so have taken the plunge. It is fair to say that the Help To Buy Scheme is too good to turn down and will not be available forever. The scheme has been much criticised by many experts because many fear that a property bubble will be created. However the market has gone off the boil over the last couple of months dismissing fears of a property crash.

It will be interesting to se how the market does next year as traditionally a general election is a quiet time with buyers and sellers waiting to see who gets into power and how they will be affected by any new changes that an incoming government may make. Whilst we may have a busy period up until May the market usually drops off a cliff a month before polling day. As long as there are no nasty surprises the experts have forecast a rise in prices of circa 5% next year so lets keep our fingers crossed.



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