Increase in the Age of First Time Buyers
Published: 17th August 2017
Cost is cited as the main reason why tenants are reluctant to take that first step onto the housing ladder, according to housing market statistics for 2015-16 released by the English Housing Survey (EHS). Of those not intending to move from renting to home ownership, 70% said that expense was the major factor in their decision.
Further interesting statistics revealed by the survey include the average age of first time buyers. The EHS shows that although the average age of first time buyers is much the same as it was 10 years ago, the proportion of these buyers in the younger age group, 16 – 24, and in the older age group, 55 plus, has fallen. Speculation as to why this may be focuses primarily on the increased cost of housing, making it unaffordable for those buyers not in lucrative full-time employment. Specifically, younger prospective purchasers listed the length of time required to save a deposit as being a prime factor in delaying their first purchase.
However, over half of tenants in the private rental sector intending to buy, so demand for a good conveyancing solicitor looks likely to remain high. Liddy’s Solicitors aims to reduce the uncertainty of financial outlay involved in house purchasing by offering a fixed price fee, and advising about the other fees likely to be incurred, such as Stamp Duty, Land Tax, Land Registry Fees, and Search Fees. An experienced conveyancing solicitor from Liddy’s will ensure you receive a high quality personal service to guide you through your first, or subsequent, house purchase.
When considering a conveyancing solicitor one of the key things to look for is experience. With greater experience they will have a better knowledge of what complications may arise, and be able to plan and work accordingly.
The conveyancing team at Liddy’s is headed up by Naheem Khalil, a conveyancing solicitor with over 15 years of experience in both commercial and domestic conveyancing. To find out more about either our fixed fee servicing, or how we can help your first home purchase, just call us on 01924 366 896.