Chester First-Time Buyers Buck National Trend

Online, March 27, 2013 (Newswire.com) - A survey undertaken by the Post Office suggested that the average age of a first-time buyer in 2012 had reached 35, with the biggest barrier to getting a foot on the property ladder being shown as rising house prices and the struggle to raise a large enough deposit.

However, it seems that young people in Chester may be bucking the national trend as according to one local estate agent, first time buyers in the city are likely to be in their mid-twenties.

Andrew Smith from Humphreys of Chester said: "We have seen quite a rise in the number of first-time buyers recently and they do appear to be much younger than what the national statistics say.
There are a large number of young professionals in the city and its great news that they want to take their first step onto the property ladder in Chester."

With house prices doubling over the last decade, the average deposit required in the UK now stands at a staggering £27,000 so it is no surprise that many young adults are struggling to buy their first home, unless they can turn to the bank of mum and dad for help.

Chester-based comparison site, SO Switch has just recently launched a new mortgage channel which it hopes will help first-time buyers to find a mortgage deal, which won't cost them the earth.

Dean Jones, Managing Director of SO Switch commented; "2013 has seen lenders introducing mortgage deals designed to help young people to buy their first home, with many asking for a much lower deposit than in previous years. And with news in the recent budget that will provide financial assistance from the government, there hasn't been a better time for first-time buyers to start searching for a property.
There are definitely some good deals out there for first-time buyers and its encouraging news that young people in Chester are already discovering them."

SO Switch's mortgage page offers buyers (whether buying for the first time, or are looking to move up the property ladder) a selection of simple to use tools to work out how much they can borrow - and they will be able to see in a matter of minutes the mortgage deals that are available and how much it is likely to cost each month.

Dean Jones added "We've also produced a simple guide on how to become a first-time buyer, explaining the home buying process in detail. We want to make it simple for young adults, who although are excited about buying their first home, may find the whole experience rather daunting."

More information can be found at www.soswitch.com/money/mortgages/