First Time Buyers Market Trends Report 2019
The First Time Buyers Market Trends Report 2019 is the second edition of IRN’s First-Time Buyer Market Trends Report. This report updates and extends information contained in the first edition, published in July 2018. Like the first edition, this report outlines the broad trends and developments amongst first-time buyers (FTBs), who are defined as consumers who have arranged and taken out a mortgage on the first home they have owned within the last year. The report focuses on the latest developments and market drivers of the FTB mortgage market, the market size and the future of the market in the coming five years.
In 2018, IRN Research estimates that FTBs borrowed almost £60 billion to purchase their first homes, 4.4% more than in 2017. In 2018, the number of advances rose by 1.9%. In 2019, IRN Research estimates the value of FTB mortgage advances will rise further by 4.3%, while the number of loans will rise by 2.4%. At the end of 2018, FTBs collectively owed over £250 billion in outstanding mortgages, which represented a 6.8% growth over the amounts owed at the end of 2017.
Despite the problems faced by FTBs purchasing a home, IRN Research estimates that between 2019 and 2023, the number of mortgage advances by FTBs will rise by 23.3%, while the amount borrowed each year will rise by 38.9%, to reach over £80 billion in 2023. This will see the average advance in 2023 rise to £191,504 compared with £169,879 in 2019.
The briefing (46pp, PDF), is available directly from IRN Research, priced at £250. UK sterling price is plus VAT so total price is £300.