First-time buyers remain the market's most important customers
Simon Chapman, group head of marketing at Vida Bank, explores why first-time buyers remain the most important cohort within the UK housing market, the key affordability challenges affecting them in the current lending environment, and the role specialist lending can play in helping borrowers with complex circumstances.
The learning objectives for this article are to:
- Understand why first-time buyers remain the most important cohort within the UK housing market despite ongoing affordability pressures
- Identify the key affordability challenges affecting first-time buyers and how these are influencing purchasing decisions, including the move away from some new build properties.
- Explain the various support mechanisms available to first-time buyers, including gifted deposits, Lifetime ISAs and government-backed schemes.
- Recognise the role specialist lending can play in helping borrowers with complex circumstances achieve sustainable homeownership.
- Appreciate the importance of broader homeownership planning beyond securing a mortgage.
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