Mortgage rates for first-time buyers have rocketed in the wake of the Covid crisis, dealing a major blow to Boris Johnson as he promises to get a generation of young people on to the housing ladder. “Alarming” figures from the Bank of England show that borrowers with a small deposit […]
firsttime
Wealthy upsizers outnumber first-time buyers for first time in five years as Covid restrictions bite
This has not hit house prices because there is so much new demand from homeowners who want to upsize urgently after lockdown. This group is largely immune to these lending constraints: three quarters are over the age of 45 and half are mortgage-free. Richard Donnell, of Zoopla, said the new […]
The most affordable spots for first-time buyers in Britain’s booming cities
Midlands Soho & Jewellery Quarter, Birmingham Average price of a flat or terrace: £89,703 Blazing the way for house price growth in the centre of the country is Birmingham. For around £90,000, first-time buyers can pick up a home in the city’s hip Jewellery Quarter, where old diamond dealers and […]
First-time buyer house prices rocket by two-thirds in a decade
The cost of purchasing a first home has increased by more than two-thirds in the last decade with young people trying to get onto the ladder today facing significantly higher hurdles. Research published by Halifax, the bank, showed that the typical first-time buyer purchase price has grown from £142,473 in […]
HSBC pulls ‘first-time buyer’ mortgages after overwhelming demand
HSBC has withdrawn its range of 90pc mortgages after being inundated with applications from first-time buyers desperate to get on to the property ladder. The bank has struggled to cope with the spike in demand since the Government announced that stamp duty would be waived for the vast majority of purchases. The tax giveaway […]
How to get a mortgage: advice for first-time buyers
Banks are being much picker about who they lend to since the start of the pandemic. If you are rejected by one, that does not necessarily mean you can’t get a mortgage. It may be worth speaking to a mortgage broker, who will be able to hunt down specialist lenders […]
Where first-time buyers are being caught out by the stamp duty holiday trap
Competing with investors Before Mr Sunak temporarily changed the rules, first-time buyers purchasing homes worth £500,000 or less already had a full exemption on the value up to £300,000. If a first-time buyer purchased a home that cost more than £500,000, they lost the exemption and their nil-rate band fell back to […]
The Government has doomed first-time buyers with its pathetic Help to Buy extension
Before the pandemic, first-timers made up the biggest proportion of property buyers. It looked like the Government’s policies to boost home ownership – squeezing landlords, and promoting schemes to help get young people on the ladder – had actually, finally worked. But now they are trapped, with each week bringing […]
Demand for new-build homes surges as first-time buyers are cut out of the market by lenders
Lenders fear the forecast falls in house prices will quickly lead highly leveraged buyers into negative equity. Nationwide, for example, has increased the necessary size of a deposit from 5pc to 15pc. This change disproportionately affects anyone who is trying to get onto the property ladder, and unless first-time buyers have serious […]
five steps if you’re a first-time investor
Investing in the stock market for the very first time can seem a daunting task. But low interest rates has meant returns from cash savings has diminished forcing many people to consider shares if they to grow their money. Stock market returns can be volatile, but over the long term they have trumped […]