A downfall in the number of first time buyers in the UK housing market has been witnessed for the first time in four years, which has made the typical deposit required to buy a property above £30,000.
According to Halifax, The projected figures of the number of first time buyers last year were 310,000 compared to the 0.5% downfall seen on 2014, this marked the first decline in four years.
The two main reasons behind this drastic downfall was firstly, due to the lack of supply of homes for buyers to choose and secondly, due to increase in the deposits that was needed to buy homes.
First time buyers were made to buy £29,094 before the downfall and now has risen up to 13% resulting them to deposit £32,927.
This rapid increase in the deposits have lead the first time buyers in difficulty of bridging the gap between the mortgages they could afford on their earnings and increasing housing prices.
At Herald Land we provide strategic and reliable investment opportunities with the help of a widespread portfolio of freehold land and residential property, buy to let, airport car parking and student property investments all across the UK.
- Image Courtesy: shutterstock.com