Money Box Live: First-Time Buyers

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Hello. First-time buyers are on the move. They now account for 40% of property sales. But in today's Moneybox Live podcast, we'll be looking at how the picture can be really different across the UK, across different incomes and across people buying with or without family help. And we'll hear from plenty of people who want to buy but can't.

Sometimes I feel like I've been sold a bit of a lie, that all you have to do is be money savvy and save to get a property. I've done that, but now I've found that I still can't afford to buy.

We'll be hearing more from Eliza later on, but let's start with someone who is so close to getting the keys to her first home. I went to meet 29-year-old Rebecca, who's buying an apartment in Warrington, Cheshire. We met outside the building she's about to move into. She's using a 10% deposit to buy a two-bedroom flat for £115,000. So this is the building where I very much hope to be moving into. Very exciting. Which one's going to be your flat? So it's at the back.

it's on the the top floor the second floor and it it overlooks a path and trees and it's just really lovely it feels like i'm in a little bit of the countryside in the middle of a town it does have that feeling doesn't it just sort of backing on to just the wall of trees yeah i i never expected to to get somewhere so kind of private and secluded in an apartment building in the middle of the town centre brilliant so you're you're up there yep that one that one up there is hopefully

in the next couple of weeks going to be mine. It's very, very exciting. Are you almost there? Is all the conveyancing done and the agonising bit done? Yes, on the verge of an exchange and a completion date. So I've got everything crossed at the moment.

are you buying by yourself are you buying with somebody uh so i'm buying by myself which is exciting and scary in equal measure it's impressive is what it is yeah i am really proud of myself it was kind of a goal to move out and buy my own place before i was 30. And I'm 30 next year. How long have you been saving? I had help to buy ISA originally. To be honest, I can't even remember when I opened it. But I inherited some money.

about seven years ago so that's probably about half of my deposit um the rest of it i've saved since then and it's now in a lifetime isa so that's kind of the the interest and the bonus has kind of made up the other half so yeah Seven years for sure, possibly a little bit longer than that. What's it been like those seven years? Has it been tough? Has it been all your spare cash or just what you could afford to set aside? Kind of what I could afford.

i didn't have kind of a figure in mind i didn't have a time in mind for most of it until kind of about 12 months ago saved a lot in in covid i was on furlough so i was still gaining an income without spending a lot so yeah an awful lot of saving went on then and yeah since then just kind of what i could and then once i had a figure in mind when i decided on this property it was just kind of making sure i could top it up to what it needed to be

Where are you living at the moment? Are you renting? Are you living with your parents? I live with my parents at the moment, which is still lovely. I'm lucky that we all get on really well. That is lucky. I know. And there was never any rush on their part to kind of push me out, but there.

as excited as i am about this you've talked about how this apartment is exactly what you're looking for but did you look at a lot did you kiss a lot of frogs before you found the right one um this was actually only the third one i looked at i've grown up in this area i always knew that

I wanted my first property to be here. There was another building that I'd passed a lot in my life that I went and looked at a property there, but price-wise it just wasn't going to work. But yeah, this was the third one I looked at, so I got lucky really. that it came along. Do you have any advice for other first-time buyers? I suppose I was really careful to do the maths and work out what I thought I could afford and try not to rush.

into anything even when i saw this property i still wasn't i wasn't going to be rushed into it because i needed to know that i could afford it i needed to do the maths on all of the all the bills and all the other things that come with it and just i felt like i knew when it was the one

It's lovely to hear a bit of first-time buyer inspo. That lifetime ISA she mentioned, that's the savings scheme where people can save up to £4,000 a year and the government adds a £25,000 bonus. But there are a few restrictions. It can only be used for a first home.

worth up to £450,000 or for retirement. Listening to Rebecca, here today to answer your questions are Richard Donnell, who heads the research and insights team at the property website Zoopla and Jane King, an independent mortgage advisor at the financial advice firm ash ridge hello good afternoon

Good to have you both with us. Richard, let's start with the help Rebecca had. So she saved some money. She had that inheritance, which helped as well. Do we know how many first-time buyers rely on some sort of family help? Yes, a survey we ran recently showed that two-thirds of first-time buyers get help from family, mainly with a deposit. Younger first-time buyers under 30, three-quarters of them get family help.

And if you're lucky enough to get help from grandparents or rely on inheritance, you can probably buy your home two years sooner than average. So financial help certainly helps sort of get your first home quicker. It makes a big difference. Jane, it's not just the banker family, is it, that so many buyers rely on? As we heard with Rebecca, the hotel of mum and dad can be quite a big help.

Oh, absolutely. Obviously, I see a lot of first time buyers and I agree with Richard, the vast majority of them. are getting help from some family members in order to buy their homes. And so, yes, a lot of people come out of university maybe or they move back home for two or three years and just use that as an opportunity to save so that they can get a deposit to get on the ladder.

And of course, some people can't get that help and therefore perhaps are struggling a bit more, as Richard says. Richard, I mentioned that stat at the start of the programme that new buyers account for almost 40%. of sales, or at least they did in the first six months of this year. That's a Zoopla stat. Is that because there are more first-time buyers or is it because...

Other homeowners aren't moving so much. So the first time buyers are a greater percentage without actually increasing in number.

Well, data from UK Finance shows that in the first six months of this year, there were 30% more first-time buyers in number terms than there were the same time in 2024. So first-time buyers are getting more active. They're looking to buy property.

And you're absolutely right. I think for existing homeowners, there's always that choice of, do I move to get more space or a better location? Or if I'm happy with where I live today, why don't I just do the loft extension or add an extension out the back of the house?

There's more options for existing homeowners to sort of create more space for themselves. And I think they've accounted for a slightly smaller proportion of overall moves in recent years, meaning first-time buyers have already been in the driving seat. So what is driving that rise then in first-time? buyers. What's behind that? Well, most first time buyers are renters.

And rents have risen by over a third in the last five years. So there's been a big sort of push from the rental market. So the stick as well as the carrot of home ownership. And we've seen more stability in mortgage rates in the last couple of years. And I think importantly, earlier this year, lenders relaxed their lending. rules, which means that first time buyers, but actually anyone using a mortgage can potentially borrow up to 20% more than they could last year for the same income.

and for the same mortgage rate. So that's also added extra impetus. It's reduced the barrier a little bit more to help first-time buyers. And Richard, we're talking about first-time buyers as one big group, but it must vary hugely across the UK because how... prices and earnings can really change geographically.

That's right. I think it's much tougher to be a first-time buyer in London and southern England. House prices are higher. You need a much bigger deposit, a much bigger income. So the hurdles are greater in southern England, whereas actually in...

In the north of England, in the Midlands, in Scotland and parts of Wales where house prices are lower, it's sort of easier to make that jump from being a renter to being a first-time buyer. But I think the big change compared to those of us of an older age... You do need quite a big deposit now. You do need a deposit of £30,000, £40,000, £50,000 to buy your first home, which is something a lot of parents will simply not put that much money down. So much. Jane, is that what you're seeing?

Oh, absolutely. I mean, although my patch, for want of a better word, is London and the South East, I also look after clients that may be moving out of London and the South East up to other parts of the country. And for a lot of them...

You do still need a fairly fair-sized deposit. And if you're on an average salary, especially in London and the South East, trying to save for that deposit is very difficult, especially if you're renting at the same time and all the bills that go with it. So it tends to be...

be that the affordability is not the issue because obviously as Richard said we've got the regulator who has said that lenders can relax on their lending so it's not so much how much can be borrowed it's still trying to find that deposit. New buyers, Jane, usually have the biggest loan to value, so they have the smallest deposits typically. What kind of rates are they seeing?

Well, I had to look for you this morning because rates are quite volatile at the moment and they're dipping up and down. So I had to look this morning. So if you've got a 10% deposit, then you're going to be looking to be paying around 4.25%. year mortgage for £200,000, you're looking at about £1,083 per month. If you've only got a 5% deposit, then we're looking at about 4.81%, which is about £1,147 a month.

And if you want to go to the Skipton for their 100% mortgage, you're looking at around about 5.39%, which is around 1,215 per month.

Thank you very much. OK, well, let's hear from Paul now, who's been trying to help his daughter get a mortgage and it's proving hard. We've been trying to help our daughter get a first time mortgage over recent weeks. And what we're finding is the situation. when you actually go and apply is somewhat different to what high street bank for example or a major building society are actually suggesting is the case on their websites

Soft credit is a particular issue and also salary multipliers. Looking at soft credit search in particular, that's a particular headache for a young person. Parental guidance is not to have a credit card. it's one less opportunity to spend so without a credit card that has a negative effect on your credit score so it's counter-intuitive our daughter doesn't have a car loan so again that that's a positive from a financial perspective

But from a credit score perspective, it's a negative. They're finding the reasons not to lend rather than providing the money. Richard, that's a frustrating set of barriers for Paul's daughter. On that issue then of credit score, does it show first-time buyers need to be getting themselves mortgage ready long before they're actually ready to buy, they've got the deposit?

Yes, absolutely. I think if anyone looking to buy a home and this is first time buyers as well as getting home, I think it's really important to speak to a mortgage broker or your bank to understand what you can afford, identify any challenges that you may have. On the one hand, you might be surprised by things that might limit your ability, as we've just heard. But equally, you might find other options that are available. And I think particularly on this point about credit or rent.

There's a lot of work going on. And I think some of the banks and building scientists looking at this to allow for the fact that you've paid your rent for many years should be positive towards when you apply. And I think it's an area where hopefully there'll be more improvements to come. Because you do hear frustrating.

would be buyers saying that their mortgage will be less than their rent, but they're told they can't afford it. It might also be worth renters looking at schemes like the rental exchange, where if their landlord signs up, then paying their rent can actually boost their credit score. Jane, what else can people do?

to try and improve their credit score before they apply for a mortgage? Well, I totally agree with Paul on this. I think it's ridiculous that we have to encourage people to get credit in order to get credit for want of a better way of putting it.

There are many, many first time buyers who don't want credit and who would like to buy a house. And I would say to them to stay away from high street lenders who have a tick box mentality and look to the smaller building societies where we can present a case to them. with a manual underwriter, and a lot of these cases will actually get through because they have a more flexible view. As far as credit scores are concerned, my major one is make sure you're on the electoral roll.

Make sure your name, address and date of birth is correct. We get an awful lot of lenders declined because the credit information is not correct on the file. And the other thing I would say is stay away from... Buy now, pay later credits such as Klarna. Lenders hate them. If you've got them, stop it.

And also, as Richard said, see a broker six months before you want to buy because then you can work out your budgets and all of these things can be checked before you start looking. I suppose those buy now, pay later providers, and there's several different ones, aren't there, would say that as long as you... In business, they say you can have better, cheaper or faster, but you only get to pick two.

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Lots of you getting in touch with the different kinds of issues new buyers can face. So let's race through some of those now. One issue is that the average age of a first-time buyer is creeping up. So in 1997, more than half of people were... homeowners by age 26. By 2022, that was 36. That's according to the Office for National Statistics.

Paul has been in touch on exactly that, another one. He lives on the south coast in Hampshire. He feels priced out in his mid-40s. And he's wondering if he should focus his spare cash on a mortgage or on retirement savings. I'm in my mid 40s and my wife's a few years older. And so, you know, we're already thinking about retirements and pensions and that kind of thing. But we need to buy a house. We need to start a mortgage.

So 25 years would take me into my 70s. It would take her into her 70s. That obviously precludes getting much longer mortgages as well. Yeah, it just makes things very, very difficult for us. The usual kind of antidote to that is to just save up more, have a bigger deposit. But of course, it's very difficult to save a big deposit when you've also got to pay rent and all the other costs on top of it. I suppose really the big question at the moment for us is...

Should we hold out and still keep trying to buy, even if it takes another sort of five years or something? And I'll be kind of around 50, am I adding 50s all the time? Is that viable or have we just missed the boat and, you know? concentrate on pensions or something instead. Richard, what do you think? Paul lives in an expensive part of the country. He's got a lot of other costs. That makes it harder. And then none of us are getting any younger. That's right. I think

My advice would be to definitely focus on trying to buy a home because I think you've got to think about the rents you're going to pay if you're not a homeowner. I think the... The joy for pensioners when you're doing your pension calculations when you come to retirement is ideally you want to be in a position where you own your home outright without any mortgage. Now, I appreciate what he said that he might have to pay mortgage payments in terms of early retirement.

But the concept of paying rent all the way through, that's a big drag on your finances. And so... I would encourage, and again, it's all subject to circumstances, that trying to find ways to get on the property ladder would be a good idea. And there are schemes like shared ownership where you can buy part of a property and then as your circumstances change, you may be able to buy more. So there are options.

out there, but I think the route to homemanship is maybe one to prioritise. Well, some people simply don't earn enough to buy a home where they live. Here's a question Eliza has sent in. She's looking to buy in West Yorkshire. Hi Moneybox. I have a question about first-time buyers on lower salaries. I'm in my late 20s and have been saving hard for the past few years to build up a deposit.

I now have around £20,000 saved up using the Lysa scheme. But due to my salary, I can only borrow up to £100,000. I'd really like to know if there is any advice for those who have saved but still have a lower salary. Sometimes I feel like I've been sold a bit of a lie, that all you have to do is be money savvy and save to get a property. I've done that, but now I've found that I still can't afford to buy.

Eliza, thank you so much for sharing that. Jane, poor Eliza feels like she's been sold a lie. What's your advice? Well, my advice to Eliza would be to take a look at, I know this has already been mentioned, but to take a look at shared ownership. I know it gets a bad rep, but it's not all bad.

She could use her deposit. She would probably have enough deposit to buy sharing a property. She obviously could then get a mortgage and she could buy her property then in bite-sized chunks over the years until she owns it all. She would have to be very... careful about the property that she bought and she would have to make sure she thoroughly understood what she was buying into.

But this is the perfect scheme for somebody in this position. So buy a bit now. And if you love where you live, buy the rest of it later as your salary increases or you save more. But briefly, though, there are also things that potentially family members can do to help. supporting somebody's mortgage application? There are a plethora of schemes where family can help, everything from gifted deposits to loans to people tying up savings with a lender. There are lots of those.

Obviously, we don't have time to go into all the finer detail, but it's definitely worth looking at family support schemes that are run by high street lenders and the smaller building societies and off high street specialist lenders. I should say, actually, on shared ownership, they can be fantastic.

They can have difficulties and issues. And I think we're going to have a whole program dedicated to them sometime soon because there's a lot to get into there. Thanks for flagging that up. Richard, obviously, I really hope, we all hope Eliza can do it. Is it a sad truth, though, that actually house prices have grown a lot faster than wages over the last couple of decades? And many people simply won't be able to buy no matter how sensible they've been. That's right. I think...

I think it's a mixture of house price inflation, but also changing mortgage regulations. Mortgage regulations introduced to protect from boom and bust in house prices. have actually probably created more of a challenge for those on lower incomes or middle incomes or with small deposits. So it's a mixture of things. The banks, as we've talked about earlier, have moved to make things slightly easier. But the reality is...

Unless you have a pretty sizable salary or quite a hefty deposit or parental support, it is more challenging and you need to consider a broader range of options as well as working out what you can afford.

Thank you very much. Well, we've already touched on ways that family can support people. Carol has been in touch about potentially helping her son with a very specific kind of guarantor scheme. My son and his family are in rented accommodation. and find it difficult to save for a mortgage. And he's found a different lending scheme, which if I lend him £35,000, it goes into a separate account.

And supposedly, hopefully, I get it back after five years with interest and they will give him a mortgage. And he has had a preliminary offer of £478,000. which he would need in the area in Sussex where we live. So I was just wondering if these types of lenders are safe and can they be trusted?

Jane, what would you say to Carol? How do these kinds of lending schemes work? OK, so I know this scheme and it comes from a high street bank. We have to remember pretty much all lenders in this country are authorised by the FCA, the regulator, so we know that they're safe.

can be trusted what happens normally is that the money that carol is putting aside to help her son will be earmarked and ring fenced in an account within the lender so it's safe there and then um When her son, or I think it's five years time. They then release the money back to Carol with some interest and her son will continue with his mortgage. The only thing I would say is that it's always a good idea to take legal advice because if...

her son does default on the mortgage, then the lender is entitled to repossess. And if he finds himself in negative equity, then obviously they will look to her savings that she set aside to make up the difference. So it's not without some risk. Oh, that's interesting. So it is safe.

in terms of the scheme that it is, but it's still potentially at risk if the family member doesn't make the payments. Absolutely. Thank you. Richard, there's other help around, isn't there? What about the First Homes Scheme? Can you explain that? Yes, this is a scheme that house builders offer. They should typically deliver a proportion of their site for first homes, which applies in England. You can buy a property as a first-time buyer or a key worker that's a new build, get a discount of 30%.

It's for people on incomes up to £80,000 or £90,000, and it's on house prices up to £250,000 across the whole of England, rising to £420,000 in London. I think the key thing for people to note is that discount applies when you come to sell it. So it's not like you're going to get 30% off today and actually have that money to then buy another property in a few years' time.

Lenders are supporting the scheme with high loan-to-value lending up to 95%. But I think the challenge here is just how to find these schemes. I think you need to sort of hunt them down and seek them out. But there's certainly another route here to buying a new home at a discount.

Thank you. We've had a post on X. Somebody says, it's so difficult for first-time buyers. I bought my first house for £70,000 with a 100% mortgage in about 1998. It was recently up for sale at a price of £280,000. Thank you very much for sharing.

that. Right, sometimes you have to compromise to get on the property ladder. And I've been speaking to Daniel, who's just bought age 27. He's moved further away from his family when he bought his first home in Tredegar, South Wales. It's a three bedroom home. The parking situation is good. The road's quite wide. And how much was it? It was £95,000. Is that a normal price for your area or was it cheaper than other properties there? I would say it's probably a bit cheaper than average.

The average price is around £120,000, I would say. And is that because it needs some work? It definitely needs some work to it. It's very outdated. So tell me why you chose that area to buy your home, your first home. How did you save a deposit and how much did you manage to save? Well I was working in a factory for around two years. I was working well an average of 50 hours a week. Wow.

things. I never really experienced any holidays, so that is probably one of the things I've had to exclude from my life. I think it was worth it to be able to buy my own house on my own. And how much did you save? Well, the deposit for the house I put down was £15,000. So can I ask, did you buy with any family help? Was there any kind of family financial support going into your first property? No, the deposit was all mine. The only help I've really had is furniture.

TV and stuff like that and appliances for the kitchen. And how are you finding the mortgage? Are the repayments manageable? Yeah, to be honest, I'm overpaying by 150 months, so that should knock off 10 years of it. That's very impressive. You've really got your head screwed on. Yeah, well, I would like to think so. I have a darn older brother and he's still living at home, so I think I've said a bit better. Probably shouldn't have said that, but yeah, it was quite...

Daniel, thank you very much indeed. Richard, moving further away from work, from friends, from family, it can be a difficult decision, can't it? But it can make a really big difference, as Daniel found, to house prices. That's right. There is value for money if you want to find it. And I think it is about that trade-off of where do you want to be, where's your job, where's your family versus where you can get better value for money.

Again, in southern England, first-time buyers looking at homes, about £240,000 on average. You can pay half that in the north of England, Midland, Scotland, etc. So they're all things to be weighed up.

But again, what we also see as first-time buyers are trying to sort of get more ambitious to buy houses and jumping over the market for flats. There is still, I think, some good value for money in flats, but there's more caution about how you buy a flat. So there is value for money out there, and it's all about deciding what you want and when.

Jane, Daniel's overpaying. And we heard, in fact, on Saturday's Moneybox that two thirds of first time buyers are overpaying their mortgages. Such a high number. What's going on?

I think what's happened is because of affordability and the price of houses, buyers have had to take out longer and longer mortgages. So 30, 35 year terms are now not unusual in order that they can meet the affordability. So once they've purchased their... property they then decide that actually they don't actually want it over 30.

odd years they've just done that you know to get over the lender's line so as soon as they can they start to overpay with a view to when their special fixed rate or whatever it is comes to an end we can then start to shorten the term so it tends to become more manageable. so that they can hopefully get it repaid well before retirement age. Right, thank you. Okay, let's have a final tip from both of you. What's the one thing, Richard, that all first-time buyers should be considering?

Well, as well as working out what they can afford, it would be planned to be in that property for 8 to 12 years. Think about how you might want to use that property, what you want out of life over the next period of time, and make sure you buy a home that meets that criteria. Jane, what's your top tip? Well, apart from making sure you take independent advice, which I would say, wouldn't I? Which is fair enough. It's good advice.

Sort out your budget, decide what you can afford, look at it as a long term commitment and do not deviate from it. Once you know what it is, stick to it. And how, very, very briefly, how do you think you kind of work out those numbers?

Well, as advisors, we obviously do all of that, but it's easy enough to get your bank statements out, look at your salary, see what your disposable is, see what your rent is and work out what you feel you can afford over what is going to be a 25 year term for many people.

Thank you very much. Well, that's all we've got time for in this Moneybox Live podcast. Huge thanks to everybody who took part. And thank you, of course, to our experts. We've been hearing from Jane King, an independent mortgage advisor at the firm Ash Ridge, and Richard Donnell from Zoopla. If there's a money story you want us to take a look at, then here's Rebecca from the start of the show to tell you how.

If you want Moneybox Live to look at a story or even appear on the programme like I did, then get in touch. You can email moneybox at bbc.co.uk or send the team a message or voice note on WhatsApp. The number is 033 06. 783 183. They really do read and listen to every message.

Thanks, Rebecca. We really do. Paul Lewis is back with the Moneybox podcast on Saturday. And with just around a month to go until the autumn budget, he'll be looking ahead at what that might mean for your finances, from cash ices to stamp duty. So if you've got a question, get...

in touch. In this podcast, the producer was James Graham, the studio manager James West and the production coordinator Ima Devlin. Our editor is Jess Quayle. I'm Felicity Hanna and this was a BBC News Money and Work production for BBC Sounds. Hello. It's Ray Winstone. I'm here to tell you about my podcast on BBC Radio 4, History's Toughest Heroes. I've got stories about the pioneers, the rebels, the outcasts who define tough.

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