NAEA Propertymark President Mary-Lou Press comments on a recent finding by Barclays Bank that a third of first-time buyer purchases in the UK are semi-detached properties, as young people turn to ‘forever homes’
Sirs,
Given the long-standing concerns about housing affordability, especially for first-time buyers who often don’t get onto the property ladder until their 30s, it’s encouraging to see growing optimism among them about when they might be able to purchase their first home.
This shift also suggests that more buyers are becoming aware of the financial realities they face, such as the likelihood of longer mortgage terms to make repayments more manageable.
Alongside this, mortgage products have improved year-on-year and have adapted to the slow tapering of interest rates, which are the lowest they have been in two years.
With the Bank of England set to decide on interest rates next week, a further cut could make owning a first or new home a more achievable goal for many.
Mary-Lou Press
President,
NAEA Propertymark
