The number of first-time buyers grew by 35% in 2021, compared to the pandemic year of 2020, despite the ongoing uncertainty.
Close to 60% of agents in the latest Dataloft subscriber poll reported that first-time buyers were the most popular type of buyer at present, over twice as many as those who said second-steppers.
Key drivers of demand are falling unemployment, low borrowing costs and an increased number of low deposit mortgage deals.
The stamp duty holiday and a drop in expenditure during lockdowns may have boosted deposits for the 60% of first-time buyers who are in the top 40% of incomes (English Housing Survey). Source: Dataloft, % of buyers by category