The first-time buyer housing market in the UK continues to grow, as more number of youngsters are climbing up the housing ladder.
A research report from the Lloyds Bank indicates that the first-time buyer activity in 2016 was the highest in the last two decades. In 2006, just over a third (36 per cent) of all house purchases financed by a mortgage were made by first-time buyers. In 2016, this proportion is estimated to have reached almost half (49 per cent), the highest level since 1996, the report said.
Interestingly, the number of house sales reduced in 2016. There were 848,857 home sales in England & Wales in 2016, compared to 915,096 in the previous year, but first-time buyers accounted for a major chunk.
The number of sales in England & Wales increased by 29 per cent (188,386 sales) from 2011-2016 with most of, many of regions seeing increases of between 23 per cent (South East) and 46 percent (North West). The exception was Greater London with a rise of just 2 per cent in the past five years.
First-time buyer housing market continues to grow reaching the highest level since 1996 at 49%