The number of first-time buyers getting a foothold on the housing ladder has grown during the first half of this year – meaning first-time buyers accounted for more house sales than people moving home for the first time in over 10 years.

The data released by Lloyds Bank is good news for the housing market because first-time buyers are the catalyst to help the rest of the market get moving.

According to the bank’s research, the number of first-time buyers rose by 3% to 175,500 sales in the first half of 2018, while the number of people selling their property and buying a new one – known as homemovers – fell slightly compared to the same period last year.

That small decline is almost certainly down to a lack of available stock in that part of the market.

The increase in first-time buyers buying property is great news, therefore, because it should gradually increase the availability of larger homes further up the chain.

There will be an element of more new homes being built to help people buy their first home as well, of course, but it all helps!

As Andrew Mason, Lloyds Bank mortgage products director, puts it: “Despite continuing low mortgage rates, the homemover market has stabilised with little movement in the first half of this year to leave first-time buyers now driving housing activity.

“This may be in part due to the Help to Buy scheme enabling first-time buyers to purchase a new property, combined with the low availability of the ‘right type’ of homes for those looking to move up the housing ladder.

“The costs of moving house and potential further interest rate rises may also be weighing on potential homebuyers’ minds.

“However, it is good to see the number of first-time buyers increasing, helping to keep some movement along the property ladder.”

Here in Bridgnorth the market remains in good shape with more properties coming onto the market in recent weeks and plenty of demand out there.

For more advice about buying or selling property in the Bridgnorth area, give me a call on 01746 767 767 or visit our offices in Whitburn Street.

Andrew

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