I think there are some real signs of optimism for first time buyers.
The government will soon unveil its Housing White Paper and experts are predicting it will be extremely positive in tone.
It will certainly be overdue as first time buyers have been hit hard in recent years. The bad news is that figures supplied by the Halifax show that the average age of a first time buyer in the UK is 30. They needed a deposit of at least 20% of the purchase price of the property in 2014 and that price was some 4.5 times their annual incomes.
Figures for 2016 showed a price increase of 6.7% compared with the year before and nearly a third of purchasers relied on friends and family for help raising the deposit. The average house price in November 2016 £217,928.
There is good news, however, as shown in this link from the BBC News website.
Four couples, all first time buyers, were interviewed and their experiences compared. All are aged 25 or under and none of them had financial help from their parents. They all made sacrifices, usually their social lives, but the majority managed holidays abroad while they were saving up.
I hope all young people are inspired by these stories and aim to become home owners themselves.
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