First-time home buyers have outnumbered homemovers (existing home owners moving into a bigger or second home) in the UK for the first time since 1995, indicating the growing importance of this segment of buyers.
During the first half (H1) of 2018, there were 175,500 first-time buyers as against 170,000 homemovers in the UK, according to the latest Lloyds Bank Homemover Review.
The number of first-time buyers will continue to outnumber the homemovers. More first-time buyers are now stepping on to the property ladder in the UK than before. Help-to-Buy scheme, stable income, an aspiration to own home at a younger age and support from the bank of ‘Mum & Dad’ are propelling the demand for first-time buyer homes in the UK.
The number of homemovers was always ahead of the first-time buyers in the last 23 years. However, now, they have fallen behind as the number of people moving home dipped in the first half of 2018.
In fact, 10 years ago, there were 109,300 first-time buyers and 179,800 homemovers in the UK. But over the years, the number of first-time buyers has been growing at a higher rate (95,500 during the first half of 2010; 100,600 during 2012 H1; 143,400 during 2014 H1; and 157,100 during 2016 H1). The managed to overtake the homemovers in 2018.
Many developers, including Strawberry Star Group, taking cognisance of the growing demand for quality homes from first-time buyers, are coming up with innovative schemes. Our first such scheme LU2ON aimed at first-time buyers is planned in London's commuter belt Luton, one of the top property hotspots in the UK.
It is good to see the number of first-time buyers increasing, helping to keep some movement along the property ladder - Lloyds Bank