Buyers Need Every Advantage And Assistance
One thing we’ve learned in the property market is that everything is connected. If you’re already on the property ladder, you might not spend a lot of time worrying about the plight of first-time buyers (FTBs). After all, you went through the process when you bought your first home, now you can leave that stress to others!
However, even if you own a home, there is a need to have FTBs in the market. New buyers coming to the market purchase homes that allow current homeowners to move up and onwards in the property cycle. If the number of FTBs drops, the property market can seize up, so trust us, if there’s good news for FTBs, some of that fortune makes its way through the market.
You don’t need to worry about this too much, this is what Anthony Jones Properties is here for. We stay in touch with the local, and national, property market. We make sure you make informed decisions, and a new study on FTBs provides interesting information.
Savers need to save more but they are doing so
The average first-time buyer is now looking to save around £51,923 for their deposit – and here's the interesting part – many are saving significantly more than they initially planned. In fact, 62% of potential first-time buyers are putting away £21,664 extra compared to their original savings goals.
But it's not all smooth sailing. The current economic landscape is presenting some challenges. Living costs and inflation are making the journey to homeownership more complex, with 20% of potential buyers citing these as their biggest hurdles. Nearly half of prospective buyers are reconsidering their property ambitions, with 53% expecting to look at more affordable homes.
Here's a crucial tip for local savers: don't just park your money in a current account. By moving your deposit into a savings account with a competitive interest rate (around 4.80%), you could potentially earn enough to cover essential buying costs like solicitor and broker fees.
The good news? Despite the challenges, the dream of homeownership remains strong. A remarkable 79% of first-time buyers believe the stress will be worth it, viewing property ownership as a significant life milestone and a solid investment for the future.
What does a mortgage specialist say?
Jon Cooper, director of mortgages at Aldermore, said: “The economic environment has made homeownership a lot more difficult. Larger deposit requirements, higher interest rates and affordability challenges are squeezing the market. Prospective buyers have responded by purchasing cheaper homes to offset higher mortgage repayments and, reassuringly, many still view homeownership as a major life goal as well as a good investment.”
Jon also said: “Looking ahead, we must strive to better support first-time buyers, so that more of them can gain a foothold on the property ladder. Fundamentally, while it’s positive that there were steps taken in the Autumn Budget to get Britain building, more new and affordable homes need to be built to help ease increasing house prices for the next generation of buyers.”
So, if you’re looking at selling your Wynyard home, the presence of FTB is positive news. This means if you’re keen to move in 2025, we’re here to help you, so get in touch.
We are here to help you move in and around Wynyard
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01740 807107.
