Last week we registered a lovely couple on our mailing list. They have just got engaged and are looking to buy their first home. They have a budget of £140,000 and are looking for 2 bedroom home in the Moorlands area of Lancaster. What was interesting talking to them is that they now able to buy now that 95% mortgages are back!
The number of first-time buyers grew by 35% in 2021, compared to the pandemic year of 2020, despite the ongoing uncertainty. Some people say this is due to the fact that many first time buyers started to really crave their own space having been locked down with their family too long! Others “moved” in with their partners – we all remember Boris making this suggestion!
Many first time buyers found they could save up a deposit, after all – they couldn’t go out and holidays were put on hold for all of us. Parents also discovered they could “gift” their son or daughter deposit monies for very similar reasons! It’s no wonder these first-time buyers are looking to buy.
A more recent poll of estate agents has reported that across the UK, 59.1% of new buyers registered are now first time buyers. Our own findings are slightly less. We have registered 87 buyers so far this year, 33 are first time buyers which equates to 37.9%. It’s still encouraging though!
At JDG we love property data. We always want to make sure our potential sellers and buyers are better informed.
If you have any questions or want to chat property, please get in touch. You can email me at michelle@jdg.co.uk or call me on 01524 843322.
At JDG we are here to help!
Best wishes
Michelle