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UK NEWS

43% of home buyers were first timers in 2015

Apr 13, 2016
According to reallymoving.com, 2015 was a stronger year for first time buyers across the UK, with more than two-fifths of all buyers being first timers; up to 43% from 37% in 2014.

The figures, which are based on analysis of the 200,000 movers that used reallymoving.com to obtain quotes for home removals, building surveys and conveyancing show that while the number of first time buyers active in the housing market rose in 2015, the gap between the average price they paid and other buyers already on the property ladder increased too. 

First time buyers not overstretching themselves 

In 2014, the average price paid by first time buyers was 79% of that paid by other buyers. But last year, the average price of £202,000 paid by first time homeowners was only three-quarters (75%) of average house prices (£269,000).  

Furthermore, while the cost of first time buyer purchases rose slowly by 4% in 2015, the average price increase for other home buyers in 2015 rose by almost a tenth (9%). 

Staying local 

This annual review of UK home buyers also found that half of all moves made in 2015 were to properties nine miles or less from their previous address. 

Downsizing homes 

Fewer home buyers were looking to downsize their property in 2015 with only a third (31%) opting to buy a home for less than the one they were selling, down from 34% in 2014. 

Rob Houghton, CEO of reallymoving.com, is encouraged by rising numbers of first time buyers, but believes certain parts of the country will be virtually unobtainable for those at the bottom of the property ladder until there is a full review of planning regulations. 

“It’s good to see the increase in first time buyers, although large areas of the country remain prohibitively expensive for many,” said Rob. “Until planning regulations are changed to allow more properties to be built we don’t see much prospect of a significant change in this.” 

The analysis also showed that the distance people are moving continues to drop. Rob believes that as the jobs market improves people are not having to move as far to find work. 

Photo:  2015 was another strong year for first time buyers.

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