Some 26,300 people started their journey onto the property ladder for the first time in April, a study by Your Move and Reeds Rains reveals.
According to telegraph.co.uk, the number of first-time buyers in April rose 47 per cent in comparison with the same time the previous year. The figures suggest that government scheme Help to Buy is partly behind the dramatic increase of first-time buyers, even though it is criticised for pushing house prices up too high – leaving some people unable to afford their first home.
Since the scheme was launched back in October 2013, 174,500 people have purchased their first home – an increase of a third in comparison with the same period a year earlier.
David Brown, commercial director of LSL Property Services, the parent company of Your Move and Reeds Rains, says getting on the property ladder is now seen as more of a priority by Brits.
“The tightening of mortgage criteria hasn’t dampened the appetite for first time buyers property,” he explains, reports freshbusinessthinking.com. “Many more new buyers are making the jump onto the property ladder, while deposit requirements – and mortgage rates – remain relatively low.
“Many buyers are locking into fix-rate deals that promise low repayments for the next few years, offers that may not be around much longer.”