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The Hamptons study found that 33% of people will buy their first home in the UK by 2024, up from a total of 29% in 2023.
If this trend continues, market share will be at an all-time high (it was just 17% in 2014).
Hamptons cited a crackdown on buying and selling as well as easy access to high-interest loans and low interest rates.
“First-time buyers are dominating the sales market this year, accounting for a record one-third of all buyers as they seek to escape the overheated rental market,” said Hamptons head of research Aneisha Beveridge. ” he said.
“This unprecedented move comes despite limited government support measures. On the contrary, most people are unable to get on the housing ladder as high mortgage rates limit their borrowing capacity. I’m compromising on a smaller house to accommodate my car.
“The market continues to be dominated by those who can buy, not those who want to buy. And with more first-time buyers this year, we are making up for lost movement in 2023.
“In the long term, unless interest rates fall significantly, homeownership will remain limited to the wealthiest households, as has been the case since 2008, when the end of high-interest lending put homebuying out of reach for many people. 10 years will see a reversal” – first-time buyer purchases are on the rise over time. ”
The largest increase was in London. First-time buyers have purchased a record 50% of all homes sold in the capital so far this year, up 9% from 41% in 2023 and up from 28% a decade ago.