The Surge of First-Time Buyers: A Strong Bounce Back in 2024
Ready to take the plunge into homeownership? In this blog, we’ll uncover the latest trends and key insights, showing you why now could be the perfect time to step onto the property ladder. Let’s dive in!
The number of first-time buyers entering the property ladder in 2024 surged by almost a fifth compared to 2023, reaching 341,068. While this is lower than the 2022 peak of 369,870, it signals a strong recovery after a dip in 2023. This increase likely reflects an improvement in mortgage affordability, as easing and stabilizing interest rates have given buyers more certainty when entering the market.
The typical first-time buyer is now 33, up from 31 a decade ago, but there are regional variations. In the Shetland Islands, first-time buyers are the youngest at 27, while in the south, buyers are older, averaging 38 years old. These differences highlight how the age of first-time buyers varies across the country.
Joint purchases are becoming more common, with nearly two-thirds (62%) of last year’s mortgage completions made jointly, up from 61% in 2023. Meanwhile, first-time buyers now account for 54% of all mortgaged home purchases—marking the largest share on record. This demonstrates that, despite affordability challenges, demand for homeownership remains strong.
The rebound in first-time buyers signals a positive outlook for the housing market in 2025. With easing mortgage rates and growing demand for homeownership, it’s clear that the dream of owning a home is still very much alive for many.
How We Can Help
If you're a first-time buyer navigating the housing market in 2025, Pendle Hill Properties is here to help. With the surge in first-time buyers and easing mortgage rates, finding the right advice is crucial to securing a home that fits your needs and budget. Whether you're looking for the best mortgage deals or need help understanding your options, Pendle Hill Properties is committed to helping you confidently step onto the property ladder. Let us help turn your dream of homeownership into a reality!
Contact Pendle Hill Properties today on 01282 772048 to speak to a member of our team!
