First time home buyers have been making headlines recently.
Freddie Mac (The Federal Home Loan Mortgage Corporation) recently reported that, so far in 2019, 46% of the mortgages that it has purchased this year have been from first timers!
That is a staggering statistic and ample proof that the highly competitive mortgage rates we are continuing to see are really having a motivational effect for many people, who are finally breaking the ever more costly renting cycle and locking in an ultra low rate for the life of their home loan.
Inevitably, of course, there is a positive knock-on effect throughout the entire home selling chain. A lively entry level effectively causes a cascade effect through each property sector.
As if this weren't enough good news, the credit rating agency Transunion has produced a new report that says there will be around 8.3 million first time buyers looking to apply for a mortgage in the next three years! This compares with 6.6 million between 2013 and 2015 and 7.6 million between 2016 and 2018.
So it looks like we can look forward to a sustained period of new energy in the housing market!
This is another great reason why it's an excellent time to be selling, so why not contact us for an informal chat concerning your best options!
