Over the past 10 years, the average age of the first-time buyer has risen from 31 to 33 years old, with a 17% drop in the number of homeowners between the ages of 25 and 35.
The most predominant reason for this fall has been the rise in property prices.
The average house price has risen by almost 40% over the past decade.
As a result, so many young professionals have opted for rentals, as they have become a more affordable way of finding a property.
Hunter Finance offers property finance to help property developers of all experience.
If you are planning to build a property to either buy or rent out, then call us today to see how we can help you.
The appeal of renting
The amount of private households that were rented doubled over the 2000s, and even now, renting remains to be a popular first step before buying a property.
Read more about why and how rental prices are continuing to rise.
Most people still aspire to buy a house one day, however, the consistently rising house prices have made it more difficult, and less of a priority.
Learn more about how you can reap the benefits of renting your property.
The private rented sector (PRS) has tapped into this rising popularity and has certainly developed over the past 20 years or so.
HMOs for example, promise a much more upmarket lifestyle.
People can live in areas they otherwise wouldn’t be able to afford.
As property prices in London rise, so will both the rent and the popularity of HMO properties.
It is becoming easier than ever for landlords to run an HMO, with licenses and finance options available.
Is buying in the city worth it? Discover more.
Purpose-built residential rental units are built specifically for tenants on an HMO basis.
These premises will often include shared amenities, dedicated workspaces, gym and leisure facilities and social areas.
These build-to-rent properties are a really appealing option for young professionals as they encourage a sense of community and there is an active social scene too.
Hunter Finance specialises in construction finance.
Talk to a lender today on 01825 749 721.
What help is available for first-time buyers?
With the growing disparity between the average income and average house price, the government have brought in several schemes and measures to try and help first-time buyers get their feet on the property ladder.
“We need now to take forward one of the key proposals of our manifesto of 2019: giving young, first-time buyers the chance to take out a long-term, fixed-rate mortgage of up to 95 per cent of the value of the home… We will help turn generation rent into generation buy.” – Prime Minister, Boris Johnson. Read the full article here.
A stamp duty relief has been in place for first-time buyers since 2017, as well as several help-to-buy and partial-buy schemes also helping first-time homeowners purchase their own property. Learn more.
However, the help available still remains unclear due to the uncertainty of the job market, and unemployment in the current climate of the global pandemic.
Read more about the impact of Coronavirus on land prices.
Help for first-time developers
If you are either a new or experienced property developer and you need help getting your development project off the ground, we are here to help.
See how these first-time developers made a profit of over a million.
Our case studies:
- Property development loans
- End of a terrace in Hemel Hempstead
- Semi-detached properties Chichester
- Detached properties, Biggleswade
- Terrace in Dulwich
- See our full list
Property page updated on 29th April 2021 by James Bougon