Why is the number of first-time buyers rising?

20th March 2018

Things are looking up for those wishing to get on the property ladder. In 2017 more first-time buyers took out mortgages than any year since the financial crisis. 

The number of UK first-time buyers is at the highest it has been for 10 years. In January, the number of buyers entering the market rose by 16.4%. But why is this?

In the Autumn 2017 budget, Stamp Duty was immediately abolished for first-time buyers. That’s a saving of up to £5,000, which is definitely an appealing change for people wanting to buy.

Government schemes like Help to Buy allow you to buy as little as 25% of a home and pay rent on the rest. The deposit is much lower, and you can buy bigger shares of the property as and when you can afford to.

Help to Buy ISAs see the government boost your savings by 25% and more. Simply open the ISA, and for every £200 you save, you’ll get a bonus of £50. 

Help to Buy Equity Loans from the government see first time buyers lent 20% of the cost of a newly built home. This means a cash deposit of just 5%, and a 75% mortgage to make up the rest.

As well as understanding and awareness of these schemes, mortgage approvals are rising. For debut homeowners, approvals lifted from 53% in 2016 to 74% in 2017. As access to finance improves, the rates in first-time buyers rise. Property expert David Maslen said:

“First time buyers are very important to the market - crucial in fact. Without them, sellers can’t move on, meaning the property market comes to a grinding halt. It’s all a chain reaction.”

Are you thinking about buying your first property in Brighton & Hove? It’s important you work with someone who will make the process smooth for you. Maslen Estate Agents offer everything from independent financial advice to regular contact to reassure you throughout the buying process. If you would like help, read our checklist for first-time buyers or get in touch today.

Testimonials

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    Mr Gibbs Brighton

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    Mrs Lincoln Brighton

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    Nicki Myers Woodingdean

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    Mr & Mrs Nuthall Brighton

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    Mr Woolven & Mrs Bessant-Woolven Brighton

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    Mr Tibble Brighton

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    Ms Ansloos Brighton

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    Mr Witten Brighton

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    Gabrielle Gardner Brighton

  • All agents at Maslen were extremely helpful and polite from the beginning to the completion of sale. 

    Mr Johnson Brighton

  • Quality advice about when and how to sell, which was spot on. Thank you.

    Miss Coleman Brighton

  • Your advice, support and understanding whilst dealing with the property were invaluable, making everything so easy.

    Janine Suttner Brighton

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    William Slingsby Brighton

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    Jean Hurley Brighton

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    Mrs Tripp Brighton

  • All very professional, kept updated throughout. Very pleased - Would recommend. 

    Mrs Hammond Brighton

  • The team worked very hard over a long period to ensure my sale went through - excellent service!

    Mr Patrick Brighton

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    Jean Wooldridge Evesham

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    Mr King Brighton

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    Ruth Kendall Brighton

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    Mr & Mrs Knight Brighton

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    Mr Brown Brighton

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    Mr Wells Hove

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    Victoria Lander Brighton

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    Dan Harris Brighton

  • Very impressed with the efficient and friendly service, the staff were a pleasure to deal with. 

    Mr & Mrs Gill Brighton

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    Mrs Field Brighton

  • In my situation, moving the sale of my home to Maslen Estate Agents really was a case of third time lucky!

    Lise Henderson Hove

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    Mr & Mrs English Brighton

  • Paul Wilkinson was extremely helpful and efficient. The only problem was the vendors solicitor and Paul warned me of this. A good transaction all r...

    Mr Lavender Brighton

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    Sarah Goodfellow Brighton

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    Mr Field Brighton

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    Mr Standing Brighton

  • Service exceeded my expectations overall at all stages of the process - I wouldn't hesitate to recommend you. Thanks. 

    Ms Greene Brighton

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    Nicky Conlan Hove

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    Ms Tucker Brighton

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    Allan Da Silva Brighton

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    Mr Beddington Brighton

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    Miss Blackadder Hove

  • Excellent communication and advice throughout. It felt very reassuring to be in good hands.

    Mrs Brooker Brighton

  • This was the best experience I’ve ever had of estate agents. Professional, calm and understanding.

    Elinor James Hove

  • Very comprehensive and professional. Nice people to work with and highly recommended. 

    Mr Alderton Brighton

  • I was new to the area and viewed a lot of properties with a lot of different agents. Maslens were by far the best I came in contact with, so when i...

    Mr & Mrs Heer Brighton

  • All staff extremely helpful and polite. They made our move very smooth and less stressful.

    Mr & Mrs Gosling Woodingdean

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    Mr Grundy Hove

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    Mr Upton Brighton

  • In what could have been a very stressful situation it has been a pleasure dealing with you and I can’t speak highly enough of the service provided.

    Gill Frost Hove

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    Ms Longley Brighton

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    Ms D Edmonds Brighton

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    Alicia Van der Sluis Surrey

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    Dr Crichton Brighton

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    Mr Michnowicz Brighton

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    Mr T Mole Hove

  • Paul was absolutely brilliant. 

    Mrs Tasker Brighton

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    Mrs Porter Brighton

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    Mrs Shea Brighton

  • From first valuation to completion day the Mas...

    Sam Brighton

  • Thank you Maslens, you were all excellent!

    Miss Jasper Brighton

  • As always, an excellent service. 

    Mr & Mrs Field Brighton

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    Ms Rees Brighton

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    Miss Hockly Brighton

  • These guys are the real deal, highly experienced, no nonsense, honest and by far and away the most reliable we have encountered. 

    Sarah Studd Hove

  • It was a long, drawn out process that the people at Maslen helped me through, without the impression that it was a chore. So extremely professional...

    Mr McLagan Brighton

  • Several leagues above any other estate agent I have had contact with. Kept fully informed every step of the way.

    Paul Cade Haywards Heath

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    Hazel Young Hove

  • Thank you for your service, I would (and have) recommended you to my friends.

    Liz Dean Brighton

  • You were amazingly helpful throughout - a real pillar of strength with a very difficult sale.

    Mrs Parkin Brighton

  • The whole team were very committed from start to finish.

    Mr Pilgrim Brighton

  • Already recommended you! Thank you.

    Mr Edwards Brighton

  • Best Estate Agents ever experienced - professional, approachable, competent and exemplary. 

    Mr & Mrs Guest Brighton

  • Superb service as usual, I would always recommend you.

    Ms S Hike Brighton

  • Compared to your rivals, your service was excellent

    Ms McGrigor Brighton

  • All the staff were professional, cheerful and supportive throughout the long process.

    Mr R Turner Shoreham

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