Contact us today

Please enter your first name.
Please enter your surname.
Please enter your telephone number.
Please enter a valid email address.
Please provide some details about your enquiry.

Major Shortfall In First-time Buyers

According to Genworth, the mortgage insurer, there has been a decline in the volume of first-time...

According to Genworth, the mortgage insurer, there has been a decline in the volume of first-time buyers since 2007.

Their study highlights how tougher mortgage regulation and higher capital requirements for lenders have led to a sharp decline in homeownership and significantly reduced the volume of people – especially younger households - who are able to acquire their first home.

“The scale of frustrated demand is growing by the day. Interventions so far have barely begun to make any inroads into a problem that could permanently undermine UK homeownership, with younger households bearing the brunt of the impact” says Simon Crowe of Genworth.

The alternative? Rental market, these first time buyers will still need a roof over their head and will therefore turn to the rental market. This could be for a short or long duration, dependent on their own personal circumstances leading to that first purchase. A popular scheme is the let-to-buy scheme detailed in this Guardian article. This could be an avenue for these first time buyers but nonetheless, the less first-time buyers there are; the more potential tenants require housing.

Back to the blog

Related Posts

Coronavirus Information

The wellbeing of our clients, staff and their families - together with continuity of service to clients - is of paramount importance. Outlined below are the precautionary measures we have taken to minimise the risk to our clients, staff and others.

For more information click here

Coronavirus Update Hide