First Time Buyer Sales Down 27% in a Year
By |Published On: 31st July 2015|

Home » Uncategorised » First Time Buyer Sales Down 27% in a Year

First Time Buyer Sales Down 27% in a Year

By |Published On: 31st July 2015|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

First Time Buyer Sales Down 27% in a Year

First Time Buyer Sales Down 27% in a Year

First time buyer property sales fell by over a quarter in the year to June, according to agents Reeds Rains and Your Move.

According to the research, the agents estimate that in June there were 21,000 first time buyer transactions at an average price of £154,910.

This figure has decreased by 7% since May, by 8.3% quarterly and by 27.2% over the year.

However, the average purchase price was unchanged from June 2014.

The average deposit of just under £26,000 was also almost unchanged from last June.

In London, the average first time buyer home cost £277,871, with a deposit of £70,374.

The single greatest reason for tenants not being able to buy a property was a lack of savings for a deposit.

The two agents asked renters if they plan to get onto the property ladder by the end of this year, with only 8% saying yes, down from 16% last year.

Regarding the sacrifices they may have to make to afford a home, the aspiring buyers said they could live with dated décor and bathrooms, and some even said they could go without basic utilities, such as electricity and plumbing.

Around half (45%) said they would accept a home of any condition if it were in their budget.

 

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

Share this article:

Related Posts

Categories:

Looking for suitable
insurance for your
investment?
Check out our four
covers for landlords