More first time homebuyers are getting on the property ladder

According to a new report from residential chartered surveyors e.surv, the number of first time home buyers in the UK rose for the third consecutive month this year.

First time home buyers are now making up more than 21 per cent of the mortgage market, a rise from 16 per cent last year. It seems that newcomers are finding it easier to get on the property ladder and are putting down smaller deposit, at a time when the overall mortgage market has shrunk to some extent.

Richard Sexton, director of e.surv said: ‘Small deposit buyers, who are often first time buyers, have seen their share of the market grow despite the overall market shrinking between February and March. This is a trend which started at the end of last year and has continued into 2017, likely buoyed by the number of government schemes and low mortgage rates.’

‘A more first time buyer oriented market is good news for all, as new buyers help start chains and allow others to move up the housing ladder, which is vital for a properly functioning property market,’ he added.

If you are a currently renting a property but have been thinking of buying your first home, we can help you get on the property ladder. We are seeing increasing numbers of first time buyers in the market in Argyll; the mortgage market is helping with better products for first time buyers and it is great seeing young couples getting on the property ladder!

Call our Sales Team today to discuss your requirements and let us help you find your perfect first home!