A new piece of research that looked at the UK housing market for November 2023 has found that there was a significant rise in the number of first-time homebuyers who were dependent on family to complete the purchases.
The number of people buying for the first time who were in that position during November hit 12%, which marked an increase of 2% on the total for the month before that. These figures come from Legal & General Ignite, which is the product sourcing system for the lender, and the company is stating that they show how much outside help is needed for buyers in the current market.
November also brought an increase in the total number of searches for products suitable for first-time buyers. These went up by 9% in comparison to October, with that month having seen a huge rise of 13%.
The number of first-time buyers who are depending on what is referred to as the Bank of Family falls in line with what the lender predicted in a study published last September. In it, the Centre for Economics and Business Research and Legal & General forecast 318,400 property purchases completed in that way for the year.
Kevin Roberts from Legal & General told Mortgage Strategy that:
“As the property market continues to evolve, it’s clear that FTBs are driving significant momentum, seeking support from the Bank of Family to navigate affordability challenges.”
Advisors who have the CeMAP qualification may be able to find specialist loans for first-time buyers who lack that support.
