silver surfer Posted January 6, 2015 Share Posted January 6, 2015 The number of first time buyers in 2014 rose by 22% over 2013, and 2013 itself saw substantial growth in first time buyers, rising by 23% over 2012. All according to this article http://www.theguardian.com/money/2015/jan/06/first-time-home-buyers-property-uk The average cost of a home bought by a first-time buyer rose 9% to £171,870 compared with a year ago. However, the average cost of a deposit for this type of buyer fell 7% over the same period to £29,218. I'm surprised, I thought first time buyers were being squeezed out by BTL, although the article concedes the average age of a first time buyer in 2014 was 30, up from 29 in 2011. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted January 6, 2015 Share Posted January 6, 2015 Given the amount of taxpayers money this disgraceful government is spending to prop up the housing market and keep the house price bubble inflated until after the election, I'd be very surprised if numbers of first time buyers weren't at a 7 year high..... lambs to the slaughter. Quote Link to comment Share on other sites More sharing options...
onlyme2 Posted January 6, 2015 Share Posted January 6, 2015 Getting to an age and cost were first time buyer = last time buyer. 30's, approaching maximum pay opportunities and health etc and also getting into the maximum cost zone (children, single income for a while), anything goes wrong with career or health and there is a good chance you bloody well better like that first time buyers home cause that is all you will be able to afford. Quote Link to comment Share on other sites More sharing options...
Riedquat Posted January 6, 2015 Share Posted January 6, 2015 Afraid I'm thinking of succumbing, now in my late 30s and would be a first time buyer. Prices still utterly ludicrous but it's looking like it'll be a move anyway sometime this year (joys of renting). Bloody awful position to be in. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 6, 2015 Share Posted January 6, 2015 The ramping begins i wonder how many of theses "first time" buyers were foreign multimillionaires buying into the London bubble Quote Link to comment Share on other sites More sharing options...
porca misèria Posted January 6, 2015 Share Posted January 6, 2015 It's sentiment. They see the prospect of rising prices, and pile in. The actual price is secondary, and the overall cost to an FTB with mortgage is at a historic low due to zero-interest. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted January 6, 2015 Share Posted January 6, 2015 The bottom line is that the authorities have indeed managed to keep the overpriced housing market going through a mixture of dangerous, half baked measures. Irrespective of how they are likely to end, prices could boom for an indeterminate amount of time. All the pieces are in place - low interest rates, 'help to buy' where prices are ridiculously high, more people piling into the market thus creating an environment where banks will lend against ever-rising prices and falling oil prices (which should impact all prices) meaning people should have more spare cash giving them more confidence to spend. On the other hand of course, the falling oil prices and - today - apparently falling stock markets, could be signalling another downturn is imminent as the QE teat starts to dry up. Interesting times ahead for sure. Quote Link to comment Share on other sites More sharing options...
Riedquat Posted January 6, 2015 Share Posted January 6, 2015 (edited) It's sentiment. They see the prospect of rising prices, and pile in. The actual price is secondary, and the overall cost to an FTB with mortgage is at a historic low due to zero-interest.And if it was going to remain so over the life of the mortgage I wouldn't feel so jittery about the whole thing. It's pretty damned obvious that it'll go up by a lot at some point in the next 25 years, the idea of getting a mortgage feels about as financially sound as chucking my savings on the roulette wheel. "Commit yourself to a potentially unlimited amount to pay for an awful long period" is utterly insane. Edited January 6, 2015 by Riedquat Quote Link to comment Share on other sites More sharing options...
Bill D'arblay Posted January 6, 2015 Share Posted January 6, 2015 Are the nouveau riche Russian & Chinese 1st time UK buyers included in the figures, I wonder? Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 6, 2015 Share Posted January 6, 2015 The bottom line is that the authorities have indeed managed to keep the overpriced housing market going through a mixture of dangerous, half baked measures. Irrespective of how they are likely to end, prices could boom for an indeterminate amount of time. All the pieces are in place - low interest rates, 'help to buy' where prices are ridiculously high, more people piling into the market thus creating an environment where banks will lend against ever-rising prices and falling oil prices (which should impact all prices) meaning people should have more spare cash giving them more confidence to spend. On the other hand of course, the falling oil prices and - today - apparently falling stock markets, could be signalling another downturn is imminent as the QE teat starts to dry up. Interesting times ahead for sure. That is not happening according to the land registry ,transaction volumes are at the lows of 08-09 for most of the country if not all Snake oil salesman Halifax says snake oil must be good Quote Link to comment Share on other sites More sharing options...
Flopsy Posted January 6, 2015 Share Posted January 6, 2015 Does anyone know where one can read the actual Halifax Review and not a report on it? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 6, 2015 Share Posted January 6, 2015 Does anyone know where one can read the actual Halifax Review and not a report on it? www.madeuppretendstuff.com ? Quote Link to comment Share on other sites More sharing options...
Renewed Investor Posted January 6, 2015 Share Posted January 6, 2015 Another friend of mine bought a home over Xmas. His parents and his girlfriends parents gave them the money for the deposit as their Xmas gift. Quote Link to comment Share on other sites More sharing options...
Bubble & Squeak Posted January 6, 2015 Share Posted January 6, 2015 Another friend of mine bought a home over Xmas. His parents and his girlfriends parents gave them the money for the deposit as their Xmas gift. your friends are BOMADS! Quote Link to comment Share on other sites More sharing options...
Ash4781 Posted January 6, 2015 Share Posted January 6, 2015 I think one for the lenders classed someone as a FTB if they hadn't had a mortgage in the last 6 months. Quote Link to comment Share on other sites More sharing options...
moesasji Posted January 6, 2015 Share Posted January 6, 2015 I'm surprised, I thought first time buyers were being squeezed out by BTL, although the article concedes the average age of a first time buyer in 2014 was 30, up from 29 in 2011. Please keep in mind that "first-time" buyer is very, very misleading as it includes those that have previously owned a house. The definition used in a lot of statistics is as follows: -- First time buyers, in our statistics from the Regulated Mortgage Survey, are households that move into owner occupation without having to sell a property. Therefore numbers will include some buyers who have previously owned a property before, but are not in owner occupation at the time of purchase. -- source:https://www.gov.uk/housing-market-and-house-price-information-notes-and-definitions Something that very few people seem to realize! Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted January 6, 2015 Share Posted January 6, 2015 Please keep in mind that "first-time" buyer is very, very misleading as it includes those that have previously owned a house. The definition used in a lot of statistics is as follows: -- First time buyers, in our statistics from the Regulated Mortgage Survey, are households that move into owner occupation without having to sell a property. Therefore numbers will include some buyers who have previously owned a property before, but are not in owner occupation at the time of purchase. -- source:https://www.gov.uk/housing-market-and-house-price-information-notes-and-definitions Something that very few people seem to realize! Yes, my schoolfriend's retired parents STR while they looked for a suitable place to downsize to; they fit the FTB criteria. Help to buy will have boosted younger FTB numbers though. Quote Link to comment Share on other sites More sharing options...
Andy T Posted January 7, 2015 Share Posted January 7, 2015 How about a outright home owner buying a second home/BTL, is that classed as 'first time buyer'? Quote Link to comment Share on other sites More sharing options...
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