The number of first timers looking to purchase a house in the UK is not encouraging for short term growth within the housing market.  Property website Rightmove recently released other data explaining the rash shortage of first timers who are actually ready to start looking for a property to call their own.  According to Rightmove, only 25% of all house buyers next year will be first timers.  To realize any growth at all a minimum of 40% is required. Another startling piece of information regarding first time buyers is the amount of deposit which is able to be saved currently.  Almost 40% of first time buyers next year are estimated to have saved for more than 5 years to put back slightly more than 10% of a house deposit. 

Director of Rightmove, Miles Shipside, commented on the wall many first timers are having a hard time overcoming.  He said: “The list of challenges to get onto the property ladder seems to be getting longer rather than shorter.”

Shipside continued: “Raising enough of a deposit stubbornly remains the major concern for intending first-time buyers, but we are now also seeing how the issues facing second-steppers are affecting the fortunes of first-time buyers in terms of finding a suitable property to buy and local affordability.”

The UK economy is making saving for a house difficult for first timers and just as difficult for second steppers entering the market.

Mark Prisk, Housing Minister, commented on the strife facing first time buyers, saying: “The Government is taking action to help aspiring homebuyers take their next step on the property ladder - whether first time buyers looking to purchase their first home, or existing homeowners who want to move in order to meet their changing needs.

“Over 27,000 new homeowners are set to benefit from the FirstBuy scheme, which will help increase movement throughout the housing market.

“We have also made provision through the NewBuy Guarantee, the first scheme of its kind, to help tens of thousands of aspiring and existing homeowners purchase newly-built homes with just a fraction of the normal deposit, as little as five per cent.”