First time buyers made up more than half of all home purchasers in 2022

Those who bought a property for the first time in 2022 are estimated to represent 53% of all house purchases with a mortgage.
The Yorkshire Building Society (YBS) says this is up from 50% in 2021 and 41% a decade ago.
However, the mutual says despite this, the number of first time buyers is estimated to have fallen by 9% last year.
It forecasts the number of people taking their first step onto the property ladder will have fallen to 370,287 for 2022.
This is down from a 20-year high of more than 400,000 in 2021, which had been fuelled by falling unemployment and low borrowing costs post-pandemic.
However, YBS points to the figures being skewed by the unusual market conditions in 2020 and 2021 as a result of the Covid-19 pandemic.
It suggests the latest estimate for 2022 still represents a 5% year-on-year increase when compared with 2019.
Sheldon Bosley Knight’s head of residential sales and marketing, James Morton said: “These figures show demand from first time buyers to get onto the property ladder remains strong. This is despite record house prices.
“Although the cost of living crisis and fall out from the disastrous mini budget last year, such as increased mortgage rates, may be a barrier to some to get onto the housing ladder, the market remains competitive.
“We at Sheldon Bosley Knight are anticipating 2023 to be a year of some correction for the sales market but there will always be demand, in particular from those looking to buy their first home.
“The market in this area remains robust and we believe it is still a good time for sellers to put their homes on the market.
“As ever if you would like advice, or a no obligation quote, please visit our offices and our teams would be delighted to help you.”