Research by the Yorkshire Building Society has shown that the number of UK first time home buyers could be the highest recorded for 12 years. In 2019, about 353,400 people stepped up onto the property ladder, which is the highest figure since those reported before the financial crash of 2007. Although the pandemic created a temporary challenge for buyers, sellers and estate agents during the first part of this year, the situation is getting back to a positive state now, and there’s been some intense activity in the housing market.
Nitesh Patel, a strategic economist at Yorkshire Building Society, commented: "Government schemes such as stamp duty relief, Help to Buy equity loans and Help to Buy ISAs will have made an impact.”
Despite the number of mortgage offers for first time buyers are down from pre-Covid levels, some of the rates available for these mortgages are highly competitive, with two year fixed rates on offer from 2.24% for those with a 10% deposit. For five year deals, rates are available from 2.56%.
Investing for the long term
The economic situation may be uncertain for the next couple of years as a result of the pandemic, and buyers are advised to consider their purchase as a long-term investment. It’s advisable to look at predicted trends in the housing market, so your purchase has the best possible chance of building value over time.
During the lockdown, many city-dwellers have grown tired of living in cramped apartments with no outdoor space and a recent survey by Legal & General revealed that Londoners are almost twice as likely as other Britons to move out to greener areas. The property portal Rightmove reported that searches by Londoners for homes outside the capital rose by 9% earlier this year and Surrey estate agents have reported that enquiries from Londoners about village properties have risen by almost 150%
A greener lifestyle in Surrey
As more and more city-dwellers turn their backs on urban life, buying a property in Surrey could turn out to be an excellent investment.
With its thriving small towns, picturesque villages, Green Flag open spaces and fast commuter services into the capital, Surrey is a great place to live.
A first time home buying guide can be helpful when you are purchasing your new home, and it can also be useful to talk to an experienced local estate agent who understands the local property market. If you’d like to view Surrey homes for sale, why not contact us at Grosvenor Billinghurst? Over the years, we’ve helped many first time buyers purchase their ideal home, and we’d be happy to offer any advice or guidance you need.