There has been an 11% rise in the number of first-time buyers who are completing the purchase of their first home, year-on-year for September (Moneyfacts.co.uk, October 2014), according to data from YourMove.
With rising housing costs proving unrestrictive, first-time buyers are leading a resurgence in the UK property market, accounting for 30% of all transactions, according to the NAEA (estateagenttoday.co.uk, October 2014), . With more new people increasingly joining the property ladder could be credited to an 8% fall in mortgage deposits required by first-time buyers (Moneyfacts.co.uk, October 2014).
With stringent mortgage criteria in place, this decrease indicates that potential first-time buyers are beginning to become more comfortable in completing their first home purchases.
Identifying the increase in first-time buyers who are eager to get into the property market, Labour have dedicated a housing scheme focused on providing more opportunities for younger people to join the property market. Putting forward a plan of ?building at least 200,000 homes per year by 2020? (ITV.com, October 2014), if they are elected to government in the general elections 2015.
Part of this proposal, will give local authorities the authority to reserve a percentage of new homes in their area for first-time buyers up to a period of two months. Dated 29th October 2014 Sources: ITV.com, October 2014; http://www.itv.com/news/2014-10-16/locals-and-first-time-buyers-given-priority-in-housing-market-labour-vows/ http://moneyfacts.co.uk/news/mortgages/rising-first-time-buyers-defy-market-slowdown/ http://www.estateagenttoday.co.uk/1541-naea-says-first-time-buyers-now-30-of-market