This is Money has revealed the top 10 first-time buyer hotspots, following a study by Halifax into the most popular locations sought by those new to homeownership. And, as a Maidenhead mortgage broker, it was pleasing to see that Slough, which is only a stone’s throw from us, made it onto the list.
According to the survey, 73 per cent of all buyers in Slough are first time buyers making it the second most popular destination outside of London among first time buyers. With significant investment being made into the area, and with good transport links to London, it’s not hard to see why.
Interestingly, Manchester, with a 75 per cent share of first-time buyers, topped the list.
However, regardless of the location, it’s great to see that the first-time buyer market is moving, that people are still getting a first-time buyer mortgage and that a new generation of homeowners are getting their feet on the property ladder.
Are the best first-time buyer mortgage deals on their way?
Firstly, whilst we’ve yet to see how a Labour government will impact the first-time buyer mortgage market, the party’s pre-election pledge to work with local authorities to ensure that UK first-time buyers get first refusal on homes before they’re sold off to international investors sounds incredibly positive.
Whilst our team of Berkshire mortgage brokers are unclear as to how this might be rolled out and managed, on a surface level it sounds like it could go some way to remove the barriers between first time buyers and homeownership.
Secondly, the cost of a first-time buyer mortgage is falling – according to Rightmove, at least. As reported in Introducer Today, Rightmove claims that the average first-time buyer mortgage payment is almost £150 less than it was in July 2023, when mortgage rates were at their highest in a very long time.
The future’s bright for first time buyers
Our team of mortgage brokers in Maidenhead are confident that getting a first-time mortgage will become much easier by the end of 2024 for two reasons.
If the autumn budget on 30 October does reveal wider support for first time buyers in the form of a first refusal scheme, then this is likely to see more UK homes purchased by UK first-time buyers (as opposed to being lost to overseas investors, the result of which drives up the prices of remaining stock).
Also, as the Bank of England (BoE) continues to cut the base rate of interest, which it is widely tipped to do, then mortgage rates are likely get cheaper – for everyone!
With the BoE making the first interest rate cut on the 1 August – and with more expected this year – we would urge first-time buyers thinking of applying for a first-time mortgage to get in touch with one of our maidenhead mortgage brokers to get the ball rolling sooner rather than later.
Whilst it’s been a tough couple of years for mortgage rates, the light at the end of the tunnel can now be seen.
For the best first-time mortgage deals in the UK, contact our team of Maidenhead mortgage adviserson 01628 560820 or by emailing enquiries@altonmortgages.co.uk.