According to new figures released by LSL Property Services, the number of first time buyers has risen by around 27% in the past year, with around 30,000 more people buying their first home in the first half of 2014, than in the same period last year.
These first time home–owners are helped, perhaps, by the current low interest rates, and the government’s ‘Help to Buy’ schemes, which can help first time buyers with smaller deposits, although around 40% of first time byers get some help closer to home, from parents or other family members.
The average first time buyer will have put down a deposit of around £26,000 and be borrowing in the region of £120,000, although there are of course big variations across the country.
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If you are buying your first home, or indeed if you are moving house, contact Stuart Roxborough orJonathan Wood at our Midsomer Norton office, Helen Middleton or Margaret Grant at our Frome Office, or Jayne Wells at our Keynsham office, for independent, expert advice and to guide you through the process.