First-time buyers make up 33% of those looking to buy

A third (33%) of those hoping to purchase a property in the UK over the next 12 months are first-time buyers, according to research from money.co.uk.

Research into the London market revealed that almost half of the capital’s buyers (49%) are looking to purchase their first home.

Money.co.uk’s research rounded up the hotspots for first-time buyers across London by establishing which London Borough’s have been the most popular Help to Buy scheme purchases.

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It found that Barnet is the most sought after area for Help to Buy purchases, with 1,835 properties having been purchased through the scheme in the area.

This is despite research from money.co.uk highlighting that the average cost of a home in Barnet is more expensive than almost two-thirds (20 out of 33) of London Borough’s.

Following Barnet, the other London Borough’s in the top five list are located south of the river: Tower Hamlets (1,708), Croydon (1,584) and Greenwich (1,551) Lewisham (1,200).

Unsurprisingly, the more lavish and expensive areas across the capital have had the least Help to Buy transactions. The City of London has seen just 5 properties purchased through the scheme, while Kensington and Chelsea (16) and Westminster (45) have also had little properties purchased via the first-time buyer scheme.

Further data related to the current housing market reveals that despite highlighting the interest in purchasing a property, (83%) prospective buyers have yet to apply for a mortgage.

Salman Haqqi, personal finance expert from money.co.uk, said: “Since the UK went into lockdown in March, we have seen a huge impact on the property sector as a whole.

“However, following the recent reopening of the market, there has been an increase in the number of people purchasing the properties they had to put on hold due to COVID-19 restrictions.

“For those looking to buy, there are currently fewer mortgage products available than pre-COVID-19 but there are still some good deals to be found.

“With the base rate at a historical low at the moment, prospective buyers should really do their homework and research their options.

“If they have any doubts, they should speak to a mortgage advisor to ensure they are getting the right deal for their personal affordability, and circumstance.”