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TSLE2018: FTB market is ‘alive and well’ – Sedgwick

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  • 30/01/2018
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TSLE2018: FTB market is ‘alive and well’ – Sedgwick
The housing picture for first-time buyers (FTBs) may look grim when focusing on London and the South East markets, but a wider look shows an improving trend, said Vida Homeloans.

 

Speaking at The Specialist Lending Event in York, Louisa Sedgwick, director of sales at Vida Homeloans said that FTB numbers have grown 15% year-on-year, owing to gifted deposits, the fact that FTBs are buying later – and therefore have the opportunity to save – as well as the Bank of Mum and Dad.

“Despite the fact that it’s all doom and gloom and nobody can get onto the property ladder etc., there’s a growing trend of first-time buyers,” said Sedgwick.

Amateur landlords are also potentially going to be disposing of their properties as legal changes take place, meaning that the FTB already living in the home might be able to buy the property off the landlord at a discounted price, she added.

Target universities

For instance, Sedgwick said that brokers could approach graduates to educate them about the mortgage market and how to make their approach towards the property ladder.

“It’s a great opportunity to go in and educate them, it might not be anything that you’re going to get out of it now, but it certainly is building for the future.”

Large corporations and small businesses are also a good entry point, said Sedgwick, as brokers can go in and speak to employees about taking out mortgages to get their first property.

“It isn’t stagnating, it isn’t doom and gloom – the world is pretty bright for first-time buyers, and there’s lots of areas where they can [buy],” she said.

“But I would say to you that they need help,” Sedgwick continued. “They’re not just going to sit there and try and find this.

“They need help because they need convincing in the first place that they can afford it, and this is just not about the mortgage, it’s about a lifestyle and a change in their world.”

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