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New Home Buyers Like Gold Dust

The latest statistics from the UK indicate that first-time home buyers are at their lowest point in 27 years. According to Halifax, the nation’s largest mortgage lender, there were only about 300,000 first time home buyers in 2007 in the UK, some 15,000 less than in 2006. That’s the lowest number of first-time home buyers since 1980. The average price that these first time buyers paid for their homes went up by 15% from the previous year, to £175,093.

According to Halifax’ chief economist, Martin Ellis, the age of first time buyers is growing along with the prices. “When they do enter the market,” Ellis noted, “first-time buyers are now more likely to be in their 30s rather than their 20s and buy a flat rather than a terraced house.”

The news from the lender also looked at the most and least affordable towns for first-time buyers. The most affordable towns were Bootle, Merseyside; Gosport, Hampshire; Lerwick, Shetland; Nelson, Lancashire and South Ockendon, Essex. Bootle’s prices averaged £112,689 for the year.

Halifax categorized houses as unaffordable if the average price was greater than four times (4x) the total income of the local first-time buyer household. Seven out of ten of the least affordable towns are located in the South East. Henley-On-Thames leads the list with an average property price of 642,672, which is over 13 times (13x) the average income of the first-time buyers in the area.

Also on the least affordable list are Ilkley, West Yorkshire; Sevenoaks, Kent; Ascot, Berkshire; and Amersham, Bucks; and Hook in Hampshire.

Flats and terraces are the most common homes for first timers, with 37% of the first-time buyers acquiring flats. The Royal Institute of Chartered Surveyors (RICS) indicated that conditions for first-time buyers look to improve in 2008. RICS chief economist, Simon Rubinsohn, said “There is huge pent-up demand from first-time buyers, and should house prices drop in the early part of the year, many will ready to pounce.”

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