First time buyers
Brits in their 20s and 30s will own fewer properties in their lifetimes due to rising house prices and lack of suitable homes.
Lack of suitable housing stock means more than half of first-time buyers are being forced to consider properties with no natural light.
Surveyors’ figures show increased lending to borrowers with deposits of 15% or less.
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According to the latest quarterly statistics from the government, Help to Buy has helped 88,420 people buy a new home since the scheme began.
Lending to first-time buyers reached the highest annual level since 2007 last year, with 676,900 loans taken out and £112.7bn advanced in total.
House price growth in London is expected to rise by just 10.4% over the next five years compared to 19.3% across the UK as a whole, Savills research finds.
House prices grew by 2% between December and January, the biggest January monthly increase seen since 2009 (2.4%), according to the latest Halifax house price index.
The number of first-time buyers has risen 50% in the last two years, with record low mortgage rates and new government schemes driving these figures.
The main barrier to moving up the property ladder for 63% of homeowners is the need for the value of the current property to increase.
Tesco Bank has confirmed it will cut rates on its two, three and five year fixed-rate mortgages.
Older people looking to ‘downsize’ should not have to pay stamp duty on the purchase of a moderately-priced home, a group of MPs has recommended.
Home buyers using the Help to Buy mortgage guarantee scheme were able to access the property ladder with average deposits of just £8,974 in September, according to data from Mortgage Advice Bureau (MAB).
The number of first-time buyer UK house completions increased year-on-year in September, defying trends of a slowdown in the market.
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