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First-time buyers are driving the UK property market


Recent findings from the Hallifax report highlight that the increase in first-time buyer borrowing seen in June has continued throughout the summer. The report reveals that first-time buyers made up almost half (47%) of all property purchases in July, while 36% of all house purchases financed by a mortgage were made by first-time buyers.

Stan Tonchev, Associate Director of Kingsley Hamilton Estates, commented: “Demand from first-time buyers is supporting the housing market at the moment. They are approaching the market with flexibility and enthusiasm while taking advantage of the attractive rates available:”

First-time buyers are capitalising on the Help to Buy Equity Loan scheme:

First-time buyers often have relatively small deposits and a more limited range of options when it comes to mortgages. The Help to Buy scheme is designed to support people who are struggling to move up the property ladder – it allows first-time buyers to secure a property under the value of £600,000 with just a 5% deposit. Borrowers can then take out a mortgage for 75% of the property’s value. As always, first-time buyers will need to prove they can meet the mortgage lender’s criteria, which means they should be able to cover the monthly repayments with a credit score up to scratch.

To be eligible for the Help to Buy scheme, you must:

  • Be looking to buy a home worth £600,000 or less
  • Have a deposit of at least 5%
  • Be purchasing a property you intend to live in (not a property you want to let out or use as a second home)

Our advice to first-time buyers:

Are you thinking about buying your first property at the best possible price? This doesn’t mean you have to compromise on quality. Make sure to identify where the latest property hotspots are before buying. Try to be as flexible as possible when it comes to the type of property and the location you’re looking for. While you may have already decided on a certain type of property with an easy commute to work, sometimes pragmatism is needed to get on the property ladder. Opting for a more flexible, open-minded approach will increase your chances of finding your ideal home.


Are you looking to buy a property? Call the Kingsley Hamilton Estates team today on 020 7078 0214, or email and one of our team will be in touch.