The number of first-time buyers in 2014 rose to its highest level in seven years, according to one of the UK’s largest lenders.
The Halifax estimates that 326,500 people bought their first house or flat last year – a rise of 22% compared to 2013.That was the highest total since 2007, at the start of the financial crisis. The main reason was cheap mortgage rates, and government schemes like Help to Buy, which require small deposits. Better job prospects may also have helped.
“Improving economic conditions and rising employment levels have boosted confidence among those thinking about getting on to the housing ladder for the first time,” said Craig McKinlay, Mortgages Director at the Halifax.
Even though house prices rose significantly last year, first-time buyers still found homes more affordable. That is largely because mortgage rates fell.
The Mistoria Group, HMO specialist in the North West, welcomes these findings
Mish Liyanage, CEO of Mistoria Group says that “as the leading provider for HMOs in Northwest we welcome these findings. As a property group we have refurbished almost 100 derelict properties over the last 4 years which have been health and social hazards to residents in Salford and Liverpool. Our refurbishments are done to hotel standards and we follow a professional approach in sourcing and refurbishing properties whether it is for a first-time buyer, investor or landlord.
The Mistoria Group is a one-stop- property solution for first-time buyers, property investors and landlords offering cash yields in excess of 13%, in high yielding HMO. We also specialise in refurbishments, buy-to-let and provide property management. For more information on our current available property investments and the services we offer email us at email@example.com or call us on 0800 500 3015.