Record 22% housing market share for first-time buyers

First-time buyers took a record 22% share of the housing market in the fourth quarter of 2016, the highest since records began in 2007. A press release from the Bank of England published on the 14th of March shows that the percentage of first-time buyers is rising, with figures set to go even higher later in the year. The fourth quarter of 2016 saw £62.8 billion of new residential loans taken out, which was a 2.6% decrease compared to the previous three months. Adrian Anderson, the director of property finance specialist ...

Young people struggling to save

SavingsNew research has shown that young people are finding it harder than ever to build up savings. According to the Pension and Lifetime Savings Association young people, aged 18 – 35, want to save but find their ability to save “curbed by short term necessity”. The research of nearly 1,000 young people, also concluded that: 51% of young people get more satisfaction from saving than spending money A similar number, 53%, disagreed that young people tend to live for today Perhaps surprisingly, more than half (57%) of the people surveyed said they ...

Help to Buy ISAs proving popular

My Savings for a New HouseNew figures have shown that thousands of first time buyers have opened Help to Buy ISAs over the past six months, as they try and build a large enough deposit to get onto the housing ladder. The Help to Buy ISA was launched last December and allows potential first time buyers to receive a bonus of 25% if they money saved is used to buy a home; for example, if £200 is saved, a £50 bonus will be payable. The bonus is capped at £3,000, however for ...

6 things to think about before you open the ‘Bank of Mum & Dad’

girl with injured look after quarrelNew research from Legal & General has shown that more homebuyers than ever are relying on their parents, and indeed grandparents, to help fund the cost of their first or new home. In fact, if the ‘Bank of Mum & Dad’ were an actual bank of building society, it would be the 10th largest mortgage lender in the country. As house prices continue to rise, we know the temptation to help your children or grandchildren buy a home can be overwhelming. But, making a hasty decision based ...