In the London property market, recent analysis reveals that while the age of first-time buyers in London is increasing, a record-breaking 181,000 individuals have managed to purchase their first homes within a year, reflecting a 24% annual rise.
Government data highlights the changing dynamics for first-time buyers in an increasingly challenging market without the cushion of existing property equity. With the upcoming election, both major parties have introduced policies aimed at aiding these buyers—one pledging to abolish stamp duty on purchases up to £425,000, while the other proposes giving priority access to new developments.
Interestingly, recent trends indicate that first-time buyers in London are actively participating in the market without needing additional incentives. The average age for these buyers has risen to 35.3 years, compared to 33.8 last year and 32 two decades ago.
You can’t deny, people want to live in London
Despite London being the priciest region in the UK property market and facing higher mortgage rates, the number of first-time buyers has surged to 181,000 in 2022-23, marking the highest activity in two decades.
First-time buyers in London now represent 21% of the total activity, the most significant share since 2014-15, and the fourth largest over the past twenty years.
Conversely, outside of London, the number of first-time buyers decreased by 1.8% over the year, marking a second consecutive drop. The 693,000 buyers represent the lowest number since before the pandemic in 2018-19.
For homeowners in Finchley considering selling, this vibrant first-time buyer market presents an excellent opportunity to connect with motivated purchasers. If you're looking to sell, now is a promising time to explore your options.
Known London property market specialist Marc von Grundherr, commented: “It’s quite remarkable that despite London boasting the highest house prices in the land, and with the additional complications of higher mortgage rates, the level of first-time buyer activity seen of late has increased drastically. This has no doubt been helped by the fact that London property values have cooled, presenting a great opportunity for those looking to climb the ladder. But it also demonstrates the desirability of London amongst buyers and it is this desirability that makes it one of the most resilient property markets on a global scale.”
We believe Finchley has a great deal to offer first-time buyers, which is also positive news for homeowners. Knowing there are willing FTBs is a great comfort, and it helps to ensure the market keeps moving.
If you are looking to make a move in, out or around the local market, get in touch, and we’ll be more than happy to assist you.
Contact David Harris & Co to sell your home in Finchley in 2024
We have assisted many Finchley homeowners looking to sell their property, and we know what
buyers are looking for in their new home. You can take the stress out of connecting with likely
buyers by turning to a local estate agent in Finchley.
If you want to make an informed decision in and around Finchley’s property market, we are here for you. If you have any questions about the local housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
