The drop in the number of first-time buyers

It appears that the number of first-time buyers in England and Wales hasn’t been so small for the last 35 years.

According to the study carried out by the Home Builders’ Federation (HBF), about one in three men and one in six women aged 20 to 34 are living with their parents. As a rule, people can afford their first property at the age of 37.

A large number of people cannot enter the mortgage market because most lenders require high deposits. HFB is calling on the Government to revise its decision about cutting funding for the HomeBuy Direct scheme.

With the assistance of this scheme buyers can fund only 70% of a home’s purchase price as the Homes and Communities Agency and home builder each contribute 15%.

The trade body claims that due to this scheme 10,000 people became happy first-time buyers for the period of the last two years.

Stewart Baseley, of HFB, says that it is essential that those ministers who claimed they were committed to helping people get their first property keep their promises.
Housing Minister Grant Shapps has recently announced that the current government is willing to help people get onto the property ladder.
 


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