Insights from Halifax's semi-annual industry report January 2017
We always pay attention when the First Time Buyer Halifax report comes out. It’s a semi-annual event, and their analysis really approaches the marketplace from several instructive angles. We want to share some thoughts along with the link.
Second, those property deposit figures are showstoppers for so many. £32,000+ was the average last year. That’s DOUBLE the figure a decade ago! In London, unsurprisingly, the situation is even more extreme. In fact, when we hear from people interested in joining StepLadder that saving for a property deposit seems like it will take forever, the fact that average London property deposits are increasing faster even than average property prices, not to mention wages, means they have a point.
Third, where there is now a generational challenge in crossing the chasm to home ownership, innovative programs and financing offerings can begin to make a difference It is encouraging to see that the private sector and public are attuned to this. That’s certainly why StepLadder is here to help you buy your first home faster.
Here’s to 2017 being an even better year for first time buyers.
Download the report here.
Matt is the Founder and CEO of StepLadder. He started StepLadder to make a lasting positive impact on UK first-time home buyers and fix a broken system