First-Time Buyers Drive Growth in the UK Housing Market
First-time buyers boost demand and opportunities for sellers.
According to the latest research, first-time buyers now account for nearly four in ten home sales and almost half of all new mortgages. This growing demand is helping to keep the market active and giving sellers a stronger chance of achieving good prices for their homes.
For sellers, the rise of first-time buyers is particularly positive. The average price of a first home has increased to £229,000, representing a 2.4% rise over the past year. This outpaces the growth of the broader market, showing that the areas popular with new buyers are becoming increasingly valuable. With first-time buyers able to borrow around 20% more than before, there is a larger pool of buyers actively seeking properties, which can reduce time on the market and boost confidence for sellers.
Regionally, the trend is even more encouraging in parts of the country where growth has been strongest. In London, where prices for new buyers have dipped slightly, the activity remains strong as buyers look for properties priced below the local average.
The influence of first-time buyers is helping to create a dynamic market where sellers benefit from active interest and strong demand. For those thinking about putting their homes on the market, this is an opportune time to take advantage of the positive conditions created by new buyers entering the market. With demand continuing to rise and affordability improving, sellers are well positioned to make the most of a buoyant housing market.
This shift underscores that first-time buyers are not only shaping the future of home ownership but also providing excellent opportunities for current sellers looking to move on to their next chapter.
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