First time buyers pooling funds to get on the property ladder
April 2008
The numbers of first time buyers is falling according to figures released today by Home Sale Network. In the first three months of 2007 first time buyers accounted for only 14 per cent of sales, a fall of three per cent compared to the same period in 2006.
Home Sale Network, the national network of over 750 independent estate agents, has released figures today that reveal over the last five years 57 per cent of Network members have witnessed an increase in the number of first time buyers who have had to club together to buy their first property. The majority, 81 per cent, of first time buyers are sharing the cost with their partner, 14 per cent have had to join forces with family members to cover the cost of buying their first home, and five per cent have bought with friends. Nationally, Network members report that in March only 14 per cent of their sales are to first time buyers.
Figures from a recent survey of Network members shows that that, in March 2008, the national average price for properties in the UK was £284,209. Based on that figure, for a 10 per cent deposit, buyers would need to have £28,4209, which may well be beyond the reach of many first time buyers.
Speaking on behalf of Heritage Estate Agents, Home Sale Network’s member in Nailsea, Richard van de Velde said: “In March, on average, in our region 6% of our sales were to first time buyers. Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that’s buying with their partner, a group of friends or a family member. If you are a first time buyer or looking to move up the property ladder contact us today, with our detailed knowledge of the local area and experience of the local property market, we can help you find the property that it right for you.”
For further information please contact your local Heritage Office