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Prospective first-time buyer numbers up

Prospective first-time buyer numbers up

Category: Mortgages

Updated: 03/09/2012
First Published: 03/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The property website Rightmove has revealed that 27% of people planning to buy a home in the next year will be doing so for the first time, up 23% on last year's figures, but still a long way off the 40% level seen before the credit crunch.

The study also found that graduates will be driving the return of first time buyers; of those intending to buy their first home, seven in ten (69%) are university educated, with 39% having a degree and 30% a postgraduate degree.

The majority (62%) of prospective first-time buyers are also living with their parents in order to save for a deposit, with the study revealing that graduates are able to build up an average deposit of £35,000, compared to an average £25,000 for those without a university degree.

The study also found that the average age of a graduate first time buyer, at 30, is two years' younger than the average non-graduate first-time buyer, at 32.

Commenting on the research, Rightmove's director, Miles Shipside, said: " Joining the world of work straight from school may start your earning career a few years earlier, but in the current housing market it seems the downside is that it may delay being able to satisfy your home-ownership aspirations."

What next?

Compare first time buyer mortgage best buys - we show the top discounted variable rate, variable rate tracker and fixed interest rate mortgages.

First Time Buyers' Guide - 'How to buy a house: making an offer to completion'

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