First time buyer figures on the rise

Despite warnings that the cost of housing could price newcomers out of the market, new statistics show that the number of UK first-time buyers is on the rise.

According to the Council of Mortgage Levels, property purchases made by those getting onto the ladder in the final quarter of 2013 were at their highest level since 2007.

Results were particularly positive in England’s bordering countries, with first-time buyer figures increasing by 28% in Wales and 26% in Scotland. An additional 29% secured their first property in Northern Ireland.

Unfortunately some areas proved exception to this upward trend. In London, the significantly more expensive cost of housing means that many first time buyers struggle to get on the ladder. They also face competition from foreign investors, as the stability of the London housing market makes it an attractive proposition for holiday homes and buy-to-let opportunities.

This tough housing market makes it even more important to look after your investment once you’ve secured your first property. To offer you peace of mind, Coast offers great value home insurance to protect your property and its contents.

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