According to the Yorkshire Building Society, the number of first-time buyers in the UK is currently at the highest level for 12 years.
Mortgage data up to October 2019 was provided by trade association UK Finance, including estimates for November and December. These statistics were used to calculate the total number of first-time buyers in 2019.
The research showed that last year, 353,000 people bought their first home in Britain. This is the highest amount since just before the Great Recession hit the UK in 2007.
The number of first-time buyers that managed to secure a mortgage in 2008 has since doubled, with the individuals entering the property market now accounting for more than half of homes purchased with a mortgage.
Buyers in the UK have been blessed with schemes such as Help to Buy and the relief of Stamp Duty towards the end of 2017; these were introduced to financially support those wanting to purchase their first home in Britain.
First-time buyers in London have found that the capital city´s outer boroughs have seen a wider investment in infrastructure and an influx of new developments, therefore creating more affordable housing.
Nitesh Patel, a strategic economist at the Yorkshire Building Society said: “In recent years first-time buyers have been helped by strong competition driving mortgage rates down to near-record lows, making borrowing more accessible.”
He continued: “This has seen the first-time buyer market bounce back from the financial crisis and perform better than other sectors, such as the home-moving and buy-to-let markets. However, buying your first home still remains tough for many.”
Real Estate firm, JLL, has released predictions that house price growth will remain at one per cent this year before reaching 2.5 per cent next year and eventually 4.5 per cent in 2022.