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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    Bridget Allen Brighton

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    Mrs Brooker Brighton

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    Ms McGrigor Brighton

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    Mr & Mrs English Brighton

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    Paul Cade Haywards Heath

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    Mr Grundy Hove

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    Mr Patrick Brighton

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    Mr Field Brighton

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    Gill Frost Hove

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    Nicky Conlan Hove

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    Miss Jasper Brighton

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

    Mr & Mrs Guest Brighton

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    Mr Wells Hove

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    Ms Ansloos Brighton

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    Mr & Mrs Nuthall Brighton

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    Mr T Mole Hove

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    Jean Wooldridge Evesham

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    Mr King Brighton

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    Dr Crichton Brighton

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    Mr Alderton Brighton

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    Mr & Mrs Gill Brighton

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    Miss Hockly Brighton

  • Very pleased with the excellent service throughout. Professional, friendly, efficient and no hard sell. Achieved above asking price. Thank you!

    Mr Witten Brighton

  • Excellent customer service throughout. I will definitely recommend you, and use you again. Thank you.

    Ms Longley Brighton

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    Ruth Kendall Brighton

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

    Janine Suttner Brighton

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    Mrs Tripp Brighton

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    Mr Pilgrim Brighton

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

    Mrs Parkin Brighton

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    Mr Edwards Brighton

  • Estate agents generally have bad reputations b...

    Dan Harris Brighton

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

    Miss Coleman Brighton

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    Miss Blackadder Hove

  • Best Agents in Brighton.

    Mrs Field Brighton

  • Excellent service as always

    Mr Field Brighton

  • Had a great experience with the purchase of ou...

    jennifer Willson Brighton

  • A completely painless experience from start to finish. Thank you.

    Mr Woolven & Mrs Bessant-Woolven 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

  • Very pleased with the experience. I would definitely recommend you and use you again.

    Ms D Edmonds Brighton

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

    Ms S Hike Brighton

  • From start to finish the sale was dealt with in a thoroughly professional manner.  

    Mr Gibbs Brighton

  • It was an amazing experience, everyone involved were fantastic. 

    Mr & Mrs Knight Brighton

  • Paul was absolutely brilliant. 

    Mrs Tasker 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

  • Maslen's were very good at keeping in touch an...

    Penny Ashby 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

  • Very polite, good communication, excellent service.

    Alicia Van der Sluis Surrey

  • The best estate agents we have ever used. Friendly, efficient and above all truthful! You are in danger of giving estate agents a good name!

    Jacquie Ellis-Jones Shoreham

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    Mr Brown Brighton

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    Sam Brighton

  • Everyone at Maslen's were amazing, from Sam's...

    William Slingsby Brighton

  • I have bought and sold 7 properties, and this was the best experience of an estate agents services I have found.

    Mrs Shepherd Brighton

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    Ms Tucker Brighton

  • Maslen's were amazing estate agents. Through,...

    Sarah Goodfellow Brighton

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

    Mr Johnson Brighton

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    Nicki Myers Woodingdean

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    Mr Standing Brighton

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    Mrs Lincoln Brighton

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    Lisa Downary Brighton

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    Hazel Young Hove

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    Ms Greene Brighton

  • Thank you to all the team at Maslen, especiall...

    Gabrielle Gardner Brighton

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

    Elinor James Hove

  • 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

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    Victoria Lander Brighton

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

    Mr R Turner Shoreham

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

    Liz Dean Brighton

  • As always, an excellent service. 

    Mr & Mrs Field Brighton

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

    Mr & Mrs Gosling Woodingdean

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    Jean Hurley Brighton

  • I wish we had used you to sell our property! Nice to meet honest people, who are genuinely interested in helping. Very pleased.

    Mrs Porter Brighton

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

    Mrs Hammond Brighton

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