According to Halifax, there was a landmark number of buyers securing their first home last year.
The figures reported by the bank show there were 19% more first-time home buyers in 2024 compared to the previous year. First-time buyers accounted for over half (54%) of homes purchased using a mortgage which is a record amount.
The main reason for this is that mortgage rates were steady during most of 2024, ranging between 4% and 5%.
There has been an increase in first-time buyers in early 2025 driven by them wanting to beat the April 1st deadline when the zero-rate stamp duty threshold changes. Instead of them paying no stamp duty on homes costing £425,000 or less, this will drop to £300,000.
The cost of homes has risen overall, making it more difficult for a single person to afford. This is why there has been an increase in shared mortgages. Halifax reports that two-thirds of all mortgages are in two or more names.
As well as rising house prices, the cost of moving has increased. Legal fees, surveyor charges and removal services costs are among the items that movers pay more for in 2025. This has not put off first-time buyers, though many are saving for longer until they can afford to buy a home and move.
Though money can be saved by moving your belongings in a hired van, for house removals in Liverpool, you may feel more secure with a trusted team of specialists by your side.
