The number of first-time buyers who bought a home with a mortgage fell to a ten-year low in 2023, according to the Yorkshire Building Society.
Would-be buyers have been forced to put their plans on hold - soaring mortgage rates, high inflation and record increases in rent have made it harder than ever to scrape together a large enough deposit, unless they have financial help from loved ones.
But Lewis Shaw, mortgage expert at Shaw Financial Services, says falling inflation and interest rates could ease the cost of borrowing, opening up buying opportunities that didn't exist in 2023.
'First-time buyers have a great chance in 2024 to take a step on to the ladder without the competition they've faced from the landlords over the past decade.'
This is because dramatic increases in buy-to-let mortgage rates forced many landlords to sell up last year. The Conservatives are expected to promise to cut the upfront cost of a home for first-time buyers as a last-ditch attempt to win over younger voters. This could deliver another boost for renters looking to buy their first home.
Daily Mail