Why There's Still No Better Time to Buy For First-Time Buyers
Despite the economic challenges we've all been navigating, there is still no better time to buy for first-time buyers. That might sound surprising given the headlines we've seen about rising property prices and the cost of living, but the reality on the ground is more nuanced – and, for many, more hopeful.
Yes, affordability remains an issue. And yes, buying a first home can feel like a daunting process. But my experience tells me that with the right advice and support, it's possible – and increasingly realistic – for many renters to take that step onto the ladder.
I specialise in helping a wide range of clients, but first-time buyers have always been a big part of the work I do. We've certainly seen an uptick in that area lately – a 12% increase this year – and I think there are a few reasons why.
One is the sharp rise in rental prices, which is making homeownership feel like a more viable, long-term investment for many people. Another is a shift in confidence from lenders. We're starting to see mortgage rates come down, with several major lenders now offering deals with interest rates beginning with a three. That alone brings a level of reassurance back into the market.
But what matters most is how first-time buyers are supported through what is, for many, a complex and emotional journey. Buying a home – especially the first – isn't just a transaction. It's a life event. It's full of excitement, uncertainty and, at times, stress. That's why it's so important that advisors like me do more than just find the best rate. We need to be there throughout, offering clarity, confidence, and genuinely helpful advice.
There is a lot of information out there, and while much of it is well-intentioned, it can also be confusing and sometimes misleading. That's where a good mortgage advisor comes in. We know the market, we know the lenders, and we know which products will actually work for someone's unique circumstances. That matters more than ever at a time when lenders are introducing more varied and flexible products to support different buyer profiles.
One example is the First-Time Buyer Boost from Halifax, which can allow borrowing of up to 5.5 times income in certain cases.
For some prospective homeowners, it's the deposit that's the sticking point. Again, there are options. Some lenders will consider cases where no deposit is available, provided the applicant has a track record of paying rent over a certain period. Others offer mortgages for as little as £5,000 down. These pathways aren't always widely known, which is why speaking to a whole-of-market mortgage advisor is so important.
As an advisor, supporting a first-time buyer isn't just about that one transaction. It's the beginning of a relationship. Many of the people I've helped onto the property ladder have come back to me years later when they're ready to move, remortgage or protect their growing family. That lifetime client relationship is something I value greatly, and it's why I place so much importance on getting it right the first time.
It's also where technology plays a big part in improving the experience. The systems we use, provided through the Cornerstone Network, allow us to work more efficiently, find solutions faster, and spend more time having the meaningful conversations that really help a client. It's not just about completing a fact-find; it's about understanding someone's ambitions, challenges and long-term goals.
We also talk to our clients about protecting what matters most. Buying a home is often the moment when people first start to think seriously about life insurance, income protection or safeguarding their future. Helping them navigate that part of the journey is just as important as finding them the right mortgage deal.
For anyone considering their first step into the property market, I would say this: start early, get advice, and don't assume you're on your own. There are more options out there than many people realise. And while the journey might feel complex at times, you don't have to do it alone.
There's no better time to begin – and no better way than with a knowledgeable advisor who genuinely cares about the outcome.
David Huckle talks about supporting first-time buyers in the Cornerstone Finance Group podcast episode Unlocking Doors for First-Time Buyers. Listen to the podcast here: Cornerstone: Podcast Series – Business News Wales
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