Over time, records have revealed that in a bid to own personal home, particularly in the UK, interested persons would have to cough out a whooping sum of over £40,000 in order to get ownership for their first home. This can be regarded as an upsurge when compared to the £27,059 housing price in 2009.
Despite this surge in the price of claiming ownership to a house in the UK, Halifax has revealed that for this year alone, there have been over 170,000 first time buyers. According to Halifax records, this figure has doubled what was obtainable in 2009.
In the city of London, first-time buyers now have to make an initial deposit of 22 percent of the actual price which now stands at £101,389 as against the sum of £50,944 in 2009.
The average first-time buyer in London is around age 33
Record also had it that the average first-time buyer used to be around the age of 30 but has now slowly increased through 32 to 33. The oldest first-time buyers are located more in London while the youngest is situated more in the East Midlands in the Amber Valley and are around age 27.
These first-time buyers sum up to make over half of the UK’s houses that are mortgage financed as compared to the 2009 figure of 38 percent.
Halifax provides 100 percent mortgage for first-time buyers
Halifax has, however, introduced a new family support system to help first-time buyers without any deposit.
If you don’t already have one, there’s a mortgage
to help find a buying partner
Instead of coughing out a huge sum of money,
savings from friends and family can be used to provide a 10 percent security
loan and according to Russell Galley from Halifax, having a high and increasing
number of first time buyers is good for the housing business since it moves the
housing market away from the 2006 boom.
Nevertheless, being able to make sufficient saving to set a foot into a house is the biggest challenge to be considered.