The number of homes sold to first-time buyers in the UK has been steadily increasing for almost a decade, with 28% of properties sold to them this year. Despite challenging market conditions, first-time buyers have shown resilience and have even outnumbered experienced movers in 28 local authorities, particularly in London and surrounding areas. A survey by the Skipton Group revealed that 70% of first-time buyers are willing to make compromises, with the size of the garden being the top compromise. The research also highlighted that first-time buyers in London are more likely to receive financial support from their parents for their deposit. The average household income of first-time buyers has increased by 14%, indicating their increased buying power.
The Express (30/12/2023) The Sun (30/12/2023)