Frustrated First Time Buyers
Within the current market in particular, any problems experienced are exacerbated by the difficult predicament of first time buyers. Many property journalists and industry experts believe that the only chance the housing market overall has of recovery is if first time buyers can manage to get a rung on the ladder: unfortunately, this chance is slim. There are currently around 200,000 first time buyers in the UK a year compared to approximately 500,000 before 2008. Not only are there less first time buyers, the average age of first time buyers is creeping up and stands at 33 years of age at present.Rightmove has even gone so far as to suggest that those stepping onto the property ladder will be “endangered species” in 2012. For those aged below 30, just 22% of first time buyers entered the housing market under their own financial steam. The percentage is around 8% for those aged under 25. The table below (care of http://www.bbc.co.uk/news/business-16183341) shows the change in levels of unassisted first time buyers over the last 6 years.
| Unassisted first-time buyers | ||
| Region | 2005 | 2011 |
| Source: CML | ||
| North | 73% | 39% |
| Yorkshire and Humberside | 71% | 39% |
| North West | 71% | 41% |
| East Anglia | 66% | 33% |
| East Midlands | 71% | 38% |
| West Midlands | 69% | 36% |
| South West | 66% | 30% |
| South East | 67% | 32% |
| Greater London | 68% | 29% |
| Scotland | 69% | 33% |
| Wales | 72% | 38% |
| Northern Ireland | 68% | 44% |
| UK | 69% | 35% |
First time buyers face many obstacles when trying to purchase a property including raising a deposit, stagnating wages, high levels of redundancy and unemployment, high interest rates, disproportionate inflation and limited mortgage lending. If the number of first time buyers able to proceed with purchases continues to decrease, the market will become weaker and weaker: the buyer-seller imbalance will become steeper and less homeowners will be able to make the onward move they aspire to.
In a housing market characterised by anxiety and unsteadiness, homeowners can explore the service of Quick Move Now who eliminate the stress and hassle of waiting on the market for a buyer. As well as covering vendor’s legal fees and survey costs, we use cash funds to buy and do not need to obtain a mortgage. As a result, we can buy property efficiently, offering the certainty which the market cannot. An offer from Quick Move Now is free and comes with no obligation, which means that homeowners gain the control over their future which is unavailable on the open market and can make the fresh start they desire for the New Year.
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