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First-time buyers buoyant

UK Finance is a banking and financial services trade association which was formed in July 2017, and represents around 300 mortgage lenders and other financial institutions.

It has just reported that the number of first-time buyers has hit an 11 year high, with more than 365,000 getting a foot on the property ladder in 2017, which is a 7.4% increase on the 2016 figures. It also revealed that the average age of the first-time buyer is 30, with an income of £41,000 per year.

“There isn’t a single reason for this increase” comments Edwina Ashworth, director and conveyancing specialist at Kirkham Legal, “as it is likely to be as a result of the range of good mortgage offers currently available in the market, the settling in of the Help to Buy scheme and perhaps most tellingly the number of Buy-To-Let landlords selling up their smaller property portfolios following the changes in the mortgage tax relief rules for landlords, which have in many cases made it uneconomical for landlords to continue renting out their properties, especially as these changes will bite further in the coming years as the tax relief available reduces even further.”

“We act for many first-time buyers, who are naturally anxious and impatient to proceed, whilst at the same time are often bewildered at the legal process facing them. We pride ourselves on our client care, and go out of our way to ensure that these clients, who we hope will be loyal clients of ours for many future years, are kept informed at each step of the way, that everything is carefully explained to them and that their best interests are protected throughout.”

If you need any assistance in respect of any of the points raised above, feel free to contact us on 0161 393 2297 for a no-obligation chat.

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Kirkham Legal

Kirkham Legal