In 2019, Over 350,000 People Bought A Home For The First-time In The UK
03 Jan 2020
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- The housing market in the UK seems to have become attractive once again to first-time buyers, attracting the highest number since 2007.
- In 2019, more than 350,000 people bought a home in the UK for the first time.
According to reported figures by the Yorkshire Building Society
, the housing market has seen an influx of first-time buyers in 2019 at a rate that has not been seen since 2007. A total of 353,436 people bought a home for the first time, which is slightly more than the 353,130 people who bought their first home in 2018. In 2007, 357,590 people had been first-time buyers in the UK housing market.
However, there is still progress to be made if the figures from 2006 are to be kept as a benchmark. In 2006, the housing market witnessed a total of 400,870 first-time buyers, which is more than 12% greater than the figures reported in 2019.
The 2019 figures are still promising, considering they are almost double compared to the 191,040 figure reported in 2008, right after the financial crisis. Also, 51% of all mortgages sold last year were given to first-time buyers, which is much higher compared to the 38% figure reported in 2008 and the highest since the 53% reported in 1995.
According to Nitesh Patel, who is a strategic economist at the Yorkshire Building Society, the increasing competition in the housing market has significantly driven down mortgage prices, making it easier for people to borrow money and purchase a home. Patel is also of the opinion that some programs by the government must have encouraged people to buy homes, such as stamp duty relief, Help to Buy Isas, and also Help to Buy equity loans.
However, many people still struggle to buy and own a home in the UK, and further reforms are still needed to ensure greater access to the housing market of the country.