Who is buying?

The number of first-time buyers grew by 35% in 2021, compared to the pandemic year of 2020, despite the ongoing uncertainty.

Nearly 60% of agents 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