New research from Lloyds Bank has shown the number of first time buyers in Wales has reached its highest level since 2004.
Data from the report found that there were an estimated 7,791 first-time buyers in Wales in the first half of 2018 compared with 7,600 in the same period last year – an increase of 3%. The average price for a typical first home in Wales has also grown by 9% to £140,000 with the average first-time buyer aged 30 years old.
To provide support for the growing number of first-time buyers aiming to get on the property ladder, Lloyds Banking Group has launched a series of free events in Lloyds Bank and Halifax branches across Wales. The sessions, which include half-day, all day and one-to-one meetings, will see local experts including solicitors and estate agents provide insight into the entire property buying process, from viewing to exchange.
Lloyds Bank and Halifax colleagues will be on hand to discuss a range of house buying topics with customers including how to save up for a deposit and the paperwork to complete during the process.
The events support Lloyds Banking Group’s Helping Britain Prosper plan, which aims to help people, business and communities across Britain. The Group has committed to lending £10 billion to help people in Britain buy their first home in 2018.
Carys Williams, Lloyds Banking Group Ambassador for Wales, said:
“Struggling to get on the property ladder is a considerable challenge for many people across the UK today, with Wales being no exception. First-time buyers are having to dig deeper than ever to buy their first home, and with the average price of a home in Wales now over £140,000 and deposits at almost £17,000 it’s not surprising that the average age of a first-time buyer has crept up to 30.
“Despite these increases, and the concern many young people feel about home ownership, the number of first-time buyers continues to grow and is now at the highest level since 2004. Initiatives such as Help to Buy and record low mortgage rates continue to make buying more financially attractive than renting, with savings of £1,100 a year.
“As part of our helping Britain Prosper Plan, we’re committed to supporting home buyers across the country. Through our Housing Growth Partnership with the Government, we’ve also committed £50million to small and medium sized builders giving them the financial support to build new homes.”