First-time buyer sales in Ashfield down at their lowest levels since 2013

Estate agents’ body NAEA Propertymark said the Government must support more people buying their first homes as many struggle with high deposits and are buying properties later in life.

Office for National Statistics (ONS) analysis of data from the Financial Conduct Authority shows 579 first-time buyer mortgage sales were recorded in Ashfield in 2023, the most recent year with available figures.

It is the lowest figure since 2013 when there were 546 sales to first-time homeowners.

First-time buyer sales across the UK also fell to their lowest since 2013, at 282,000.

These figures exclude cash buyers.

The analysis shows first-time buyers are looking beyond London to get on the property ladder with 13 per cent of first-time mortgages taken out for homes located in the region – down from 17 per cent a decade earlier.

About eight per cent of first-time buyer sales were in the East Midlands in 2023 – up from seven per cent in 2013.

Toby Leek, president of NAEA Propertymark, said: "Many first-time buyers are being priced out of cities, especially throughout London where they have grown up or have a desire to nest themselves.

"This is spurring on aspiring buyers to relocate to more affordable areas of the country.

"Alongside this, other factors will continue to make it increasingly difficult for those looking to step onto the property ladder for the first time moving forward."

He highlighted issues around high deposits and people getting on the property ladder later in life.

Mr Leek continued: "To combat this, the UK Government and the devolved administrations need to implement support mechanisms to enable more people to buy their first home well into the future, as well as continue in their missions of building new homes for a growing population, as an undersupply of properties will push up house prices even further."

Separate ONS figures show the average first-time buyer sale – including cash buyers – in Ashfield increased 78 per cent since 2013, at £165,420 in December 2023.

Richard Donnell, executive director at Zoopla, added: "Higher house prices, higher mortgage rates and the impact of mortgage regulations have compounded the problems for those buying their first home.

"There is a case to ease mortgage regulations and help more first-time buyers access housing and reduce the pressure on the rental market."

While first-time buyer sales fell in the UK, they made up a greater proportion of total residential property sales in 2023 (38 per cent) than they did 10 years before (28 per cent).

This was the same in Ashfield, with first-time buyers making up 43 per cent of sales in 2023 – an increase from 32 per cent in 2013.

A Ministry for Housing, Communities and Local Government spokesperson said: "We have inherited a serious housing crisis which has made the dream of home ownership feel like a distant reality for so many.

"That’s why we are taking decisive action to deliver 1.5m homes as part of our Plan for Change and we have recently set out plans to launch a comprehensive mortgage guarantee scheme that will open the door to home ownership for more young families and hard-working renters."