A first buyer (FTB) is a term used in the UK and Ireland property markets, and in other countries, for potential home buyers who previously had no property.
First-time buyers are usually desired by the seller because they do not have to sell the property, and therefore will not involve the housing chain.
There are many factors that buyers need to consider first before buying their first property; how much initial cash they need for stamp duty and attorney fees, and if they need to arrange what mortgage they can afford.
In the UK and Ireland, home ownership is seen as a natural step in the life cycle and a form of natural property ownership. Ireland has one of the highest proportion of owner-occupiers in the EU about 80%.
In Britain in the 1980s almost half of all mortgages were taken by first-time buyers, but today it has dropped to only about 15%. In Ireland, FTB represents 34% of the market.
In recent years the number of new buyers who bought the property has declined, with FTB being "the price out of the market" with the price of homes that continue to rise.
In the Scottish parliamentary elections of 2007, the Scottish National Party proposed a grant worth  £ 2,000 for first time buyers to help them get into the property ladder.
Grants have not yet come across the UK, but in July 2007 Housing Minister Yvette Cooper announced it would expand the Homebuy Shared Equity government scheme to help buyers. "Unless we act now in 2026 first-time buyers will find house prices averaging ten times their salary, which could lead to real social inequality and injustice," Cooper told Parliament.
Since then, first time buyers regain momentum in the market, with reports in 2010 citing first-time purchases as the most popular of consumer demand for local, whole-market mortgage advisers - accounting for 37% of total inquiries.
In 2016, the UK Government launched Assistance to Buy ISAs for first-time buyers through incentivising them to use savings to fund deposits on property. The money saved is then won by 25% to maximum Ã, Â £ 3000.
Video First-time buyer
See also
- First home buyer grant
- Help for Purchasing
Maps First-time buyer
References
External links
- Channel guide 4 for first time buyers
- Arbor Financial Guide for first time home buyers
Source of the article : Wikipedia
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