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Tue 05 Sep 2023
The dream of owning one's first home is a milestone many aspire to. However, the landscape of the UK housing market has seen some intriguing shifts recently. At ADM Residential, we're here to guide you through these changes and make your home-buying journey smoother.
Key aspects of the current market
The average age of a first-time buyer (FTB) remains around 31 years old.
In 2021/22, 98k adults in the UK bought homes after living with their parents, a significant increase from 63k in 2012/13.
The average house price for FTBs as of June 2023 is £239,589, marking a 1.5% annual increase.
FTBs are spending nearly £100k less than previous homeowners.
The Government's 'Help to Buy' scheme ended on 31st March this year.
Search interest for 'first time buyer programs' increased by 80% and 'shared ownership' by 160% over the past year.
The 'First Home Scheme' offers FTBs in England a 30-50% discount on new homes compared to market value.
Prime Minister Rishi Sunak aims to build 1 million new homes during his tenure, benefiting the 'First Home Scheme'.
The average cost of moving house for FTBs increased from £11,777 in 2021 to £14,207 in 2022.
Conveyancing and house surveys are primary costs, but removal costs, currently at £649, can be reduced.
The New Norm: Living with Parents
Interestingly, the age of the average first-time buyer (FTB) has remained consistent at around 31 years. Yet, more young adults are choosing to stay with their parents longer, with 98k making the leap to homeownership in 2021/22, up from 63k in 2012/13. This trend suggests a strategic approach by the younger generation, prioritising savings over immediate independence.
A Glimpse at Current Prices
As of June 2023, the average house price for FTBs stands at £239,589. This figure, while reflecting a modest 1.5% annual increase, is notably less than what previous homeowners have spent, almost £100k less to be precise. It's a clear indication of the financial challenges and choices today's FTBs face.
Emerging Trends in Home Buying
With the curtains drawn on the 'Help to Buy' scheme this March, alternative FTB options have gained traction. Searches for 'first time buyer programs' and 'shared ownership' have surged by 80% and 160% respectively in the past year. Additionally, the 'First Home Scheme' is making waves, offering FTBs a significant 30-50% discount on newly built homes. With Prime Minister Rishi Sunak's commitment to adding 1 million new homes to the market, this scheme promises to be a game-changer.
The Hidden Costs of Moving
While the excitement of purchasing a new home is undeniable, FTBs should be wary of the associated costs. The average moving expense has risen from £11,777 in 2021 to £14,207 in 2022. While some costs, like conveyancing and surveys, are fixed, others, such as the £649 removal fee, can be negotiated.
Why Choose ADM Residential?
At ADM Residential, we pride ourselves on our in-depth knowledge of the Huddersfield property market. Our team is dedicated to helping FTBs navigate these evolving trends, ensuring you get the best value for your money. From understanding the nuances of the 'First Home Scheme' to negotiating removal costs, our expertise ensures a hassle-free home-buying experience.
The journey of a first-time buyer is filled with excitement, challenges, and crucial decisions. With the landscape ever-evolving, having a trusted partner like ADM Residential can make all the difference. Reach out to us today, and let's turn your homeownership dream into reality.
Contact ADM Residential to sell your Huddersfield home in 2023
Anyone who is keen to sell their home in Huddersfield should contact ADM Residential today. We are more than happy to provide you with a property valuation, which is the ideal starting point for anyone looking to enter the Huddersfield housing market with confidence.
This is a busy time of year in the local and national housing market, but we look forward to assisting you. Call on your leading Huddersfield estate agents today for help and guidance in the local market.
"Best estate agent I have ever used as either a buyer or a seller. Fantastic service from the whole team who go that extra mile to help all parties. Alethea is brilliant: hardworking, knowledgeable and always cheerful. I was selling a family property and do not live locally so it was great to have someone I could trust dealing with the property. There were a number of issues including loss of a buyer when a chain collapsed and Alethea always has a solution to every problem. I wish her and the whole team the very best."