With first-time buyers being the largest group of property buyers in the United Kingdom, there is a lot to be said for buyers and vendors to know what this group is thinking.

If you are buying a home, first-time buyers represent competition in the marketplace. If you are selling your home, first-time buyers represent likely buyers. Therefore, paying attention to what they think is useful, and there is good news and bad news on this front.

Buyers view the deposit as less of an obstacle

A recent study undertaken by a financial institution Aldermore suggests these buyers are more confident about arranging a deposit for their purchase. This is positive news as the deposit represents a significant obstacle for first-time buyers. There is a greater level of awareness amongst these buyers about the need to save for a deposit, and how it should be a priority for anyone looking to step on to the property ladder.

The study in 2018 said 40% of prospective buyers were concerned about arranging the deposit for their first property purchase. In 2019, the same study found 28% of prospective buyers were concerned about sorting out a deposit. This is a sharp decrease, and hopefully it indicates first-time buyers are more optimistic about stepping onto the property ladder.

It isn't all good news regarding first-time buyers

However, there are some concerning figures which indicate not everyone is confident of buying a home. 64% of prospective buyers said, for now, buying a home is a pipe-dream. 29% of prospective buyers felt the buying process was complicated, but at least there was an increase in the number of mortgages issues to first-time property buyers. There was a rise of 0.5% on the 12 month figures, reaching a total of 30,720 first-time buyer mortgages.

The Director of Mortgages at Aldermore, Damian Thompson, released a statement, saying; “There’s no denying that the housing market has tipped in favour of first-time buyers and it is disheartening to see that so many have the perception that getting onto the housing ladder is still very difficult. Buying a home for the first time can be stressful, but there is plenty of support for first-time buyers.”

There is help for first-time buyers, which is a good thing for everyone involved in the property market. With first-time buyers being the largest group of buyers in the UK market, helping them should create a knock-on effect where vendors benefit. A lot is said about the need for an increase in supply of property to the UK housing market, but there is a need for buyers too.

If you’re looking to sell your home, and you are looking for support, contact Austin Property Services. We are pleased to say we are in a position to assist vendors reach buyers, and if you would to book a property valuation, you can do so today.