The average first-time buyer in April was 30 years old, and earning £33,268 per annum, 3% lower than the average of £34,405 in March, research by LSL Property Services found.
The number of purchases entirely self-funded by first-time buyers was 51% in April as almost half of all first-time buyers (49%) received help to buy from an outside source (such as their family, or a government scheme). Well over a third of first-time buyers (36%) received direct financial help to buy from their family, a further one in twelve (8%) were using funds from an inheritance, while just one in a hundred (1%) was aided by a government scheme.
Over a third of all first-time buyers (37%) said they had only recently been in a financially sound enough position to buy, while 11% bought as they believe it is a good time to invest because they expect house prices to continue to rise.
The most popular properties for first timers were houses with three or more bedrooms, with 44% looking for at least three bedrooms. A third of first time buyers (32%) were looking for houses with two bedrooms – the second most desirable property type. Flats were far less desirable to first-time buyers than houses, with only 21% of buyers were looking to purchase a flat in April.
David Newnes said: “The average earnings of a first-time buyer declined in April, and deposits are now forming a larger percentage of their income. Many are turning to family to help them build enough capital to form a deposit as a result. And, as purchasing property remains difficult for first-time buyers, they are looking to buy as a longer term investment, and often with family in mind. Houses are far more attractive then flats to first-time buyers, now with an average age of 30, as they provide the much needed room to allow a new family to grow.”
No comments:
Post a Comment