Across the UK, the latest data has revealed that during 2018 the number of first-time buyers accounted for just over 50% of home purchases with a mortgage for the first time since 1995 (this was just 38% in 2008) reaching 372,000, a continuing upward trend.
First-time buyers vary greatly across our geographical area, with 15% of purchases around South Lakes, increasing to 35% within the Furness area.
Within South Cumbria, the average selling price is £183,000. This is below the national average of £212,473. In fact ¾ of all our currently sold properties come in below the national figure with prices starting at £50,000.
Lower house prices within Barrow have always enabled first time buyers to “get onto” the housing ladder earlier than those living in South Lakes where increasingly parents financial support is needed to help facilitate first purchases.
We are seeing increasing numbers of first time buyers returning to the market, which in turn helps “2nd steppers” as they have buyers for their properties, allowing them to move into bigger houses as they start families. It does feel very much like business as usual within Cumbria with Brexit having little impact on clients decisions to purchase their home. 2018 was a good year locally and we envisage 2019 being very similar.
Choosing the right mortgage can be a tricky proposition. We negotiate mortgages every day for every type of buyer. So, whether you’re a first-time buyer or a long-time homeowner, we can guide you through the process.