Despite stratospheric house prices in many parts of the country, the latest figures from the Council of Mortgage Lenders (CML) show that the number of first time buyers is increasing.
CML figures for May show 27,500 loans taken out, a year-on-year increase of 16%, with a total value of £4.3 billion – a rise of 23%. While figures for June and July will no doubt be more representative of the post-Brexit landscape, this does show that first time buyers aren’t being put off by high prices.
CML report the typical mortgage was £131,000 so first time buyers will have had to save up a deposit of at least £6,500 to have any chance of owning their own home. And they are predominantly young, with an average age of 30. So perhaps the image of the lazy, entitled, selfie-obsessed millennial can now be replaced by one of hard-working, self-disciplined young men and women with a firm commitment to the future.