The Role of First Time Buyers on the UK Economy

Since Covid pandemic, First time buyers have experienced considerable challenges, soaring inflation and rising interest rates and dealing with difficult hurdles to buying a home.

However, the good news is latest research from Coventry Building Society in collaboration with the Centre for Economics and Business Research reveals more than a quarter (29%) of all UK residential property transactions in the last 5 years were carried out by First Time Buyers.

The research shows that the average age of a FTB has only risen by one year from 33 to 34 since 2022. And average house prices vary widely across the UK, ranging from £193,800 in Yorkshire to £374,100 in Edinburgh in 2023.

The research also demonstrates the importance of advice, in the homebuying process. An incredible 96% of all buyers who used a mortgage broker said they proved to be invaluable, an increase from 90% in 2022. This shows the positive impact of brokers in helping First Time Buyers to navigate today’s higher rate mortgage market.

(c) Ann Evans of Immediate Mortgage Solutions

Website by RH Elite Services

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