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In the past two months, first-time buyers in particular are returning to city centre locations in the UK housing market. Over a quarter of homeowners planning to move named a move to the coast or countryside as their motivation. However, for the first-time buyer category, this was only 10%, according to a study by Rightmove.
Demand is particularly high for two-or three-bedroom flats in city centres with home office space and a balcony.
With competitive interest rates and a larger amount of mortgage deals available with lower loan-to-value ratios, there are a number of options for first-time buyers.
Rightmove’s study of more than 1,000 first-time buyers revealed one in five, or 17%, are planning to use the 95% mortgage guarantee scheme or are already using it. Just under two-thirds, or 60%, of first-time buyers said they’ve been able to save more money during the past year.
image by: Andrew Mead