The number of First Time Buyers is increasing thanks to the government’s help to buy scheme and historically low interest rates.
Mortgage applications from First Time Buyers totalled 36000 in the month of June an increase of 22 per cent on May’s figures, according to the trade organisation, UK Finance.
Help to Buy
The government’s help to buy scheme is driving much of the growth. Under the scheme buyers only need a five per cent deposit as long as the property is a new build and is valued at less than £600,000.
Interest rates remain low and with less competition from buy-to-let landlords thanks to the increase in stamp duty for second homes, First Time Buyers a better chance of getting on the property ladder.
First Time Buyers are the life blood of the property market, and any increase in their number will be welcome news to anyone selling their property.
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