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.
