News & Insights - First time buyer

The Bank of England’s Monetary Policy Committee voted 8-1 to cut the base rate by quarter of a percentage point from 5% to 4.75% in November, bringing some early festive cheer to homeowners and buyers.

House prices climbed by 0.1% in October compared to 0.6% the preceding month, with budget uncertainty likely to have contributed to the slowdown.

The Autumn Budget raised the stamp duty surcharge for those buying second homes from 3% to 5% with immediate effect, hitting landlords wanting to purchase rental properties.

The ‘Bank of Family’ is set to give a record £9.2 billion to help family members get onto the property ladder this year, with nearly half of buyers receiving financial support from parents and grandparents.

The Bank of England’s Monetary Policy Committee voted by a majority of 8-1 to leave the base rate unchanged at 5% in September, although markets are still pricing in further cuts before the end of the year.

Property prices in August rose to their highest level since 2022, according to Halifax’s latest House Price Index, with the average price of a home in the UK now at £292,505.

House prices are up 2.4% compared to this time last year, according to Nationwide, the fastest rate of annual growth seen since December 2022.

August’s base rate reduction has boosted buyer demand, according to property website Rightmove , with buyer numbers up by nearly a fifth compared to the same period last year.

House prices edged up in July following three relatively flat months, with prices increasing by 0.8% in July and 2.3% annually, the highest annual growth rate seen since January this year.

A summary of the property & mortgage-related items in the main political parties' manifestos ahead of the July 2024 general election.

Growing numbers of borrowers are choosing longer mortgage terms so they can keep their monthly payments down and meet lenders’ affordability requirements.

First-time buyers trying to get onto the property ladder face different challenges depending on the region they’re buying in, new research shows.

Inflation eased to 2.3% in the year to April, down from 3.2% in March, the Office for National Statistics (ONS) announced this week, providing some relief to those struggling to manage rising living costs.

Demand from property buyers was flat in April due to rising mortgage rates, according to the latest UK Residential survey from the Royal Institution of Chartered Surveyors (RICS), although it is expected to pick up over the next 12 months.

Mortgage rates have edged up in recent weeks amid speculation that the Bank of England may not reduce the base rate until August at the earliest.

Yorkshire Building Society has launched a new first-time buyer mortgage designed to help those who can only afford to put down a small deposit.

Growing numbers of first time buyers are opting for ‘marathon’ mortgage terms of 35 years or more to help reduce the cost of their monthly payments, despite the fact they could end up paying more overall.

The Government is reportedly considering introducing 99% mortgages to help boost the number of first-time buyers getting onto the property ladder.

Nearly two-thirds of first time buyer mortgages (63%) are taken out in joint names according to Halifax.

Buyers have a good chance of bagging a property bargain this winter, with sellers currently offering the biggest discounts for five years, according to new research.

Half of all homeowners had help getting onto the property ladder, with one in 10 (11%) having received financial support from the Bank of Mum and Dad.

Here’s our rundown of some of the costs of buying a property

Skipton Building Society has launched a 100% mortgage which allows first-time buyers to purchase a home without a deposit, using their rental history to boost affordability.

Borrowers wanting green mortgages have a growing number of options to choose from, with lenders recognising the Government’s push for homes to be made more energy efficient.

Homebuyers with small deposits have an extra year to use the Mortgage Guarantee Scheme, after the Government announced it has been extended until December 2023.