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The dream of owning a home is a significant milestone, often marked by the excitement of finding the perfect property and securing a place to call your own. At Kaybridge Residential Estate Agents, we understand the challenges and triumphs that come with this journey, and we're here to shed light on the latest trends and insights into the world of first-time homebuyers in Epsom, Surrey.

1. Average Deposit: A Key to Entry

According to recent data from #Dataloft and the English Housing Survey 2021/22, the average deposit paid by a first-time buyer stands at an impressive £43,693. This figure showcases the financial commitment these aspiring homeowners are making to turn their dreams into reality. It's noteworthy that almost two-thirds (63%) of first-time buyers fall into the top 40% income bracket, underlining the financial stability of a significant portion of this group.

2. Deposit Dynamics: Breaking Down the Numbers

Delving deeper into the data, we find that just over two-thirds (68%) of first-time buyers manage to secure their homes with deposits of less than 20%. A fortunate 5% even achieve the remarkable feat of entering homeownership mortgage-free. These statistics provide valuable insights into the varied financial strategies employed by individuals making their first property purchase.

3. Funding the Dream: Savings, Support, and Inheritance

How are first-time buyers financing their homeownership dreams? The majority, 85%, are using their hard-earned savings to fund the purchase. Family and friends play a crucial role, with 27% of first-time buyers receiving support from their loved ones. Additionally, 8% of buyers benefit from inheritance, illustrating the diverse sources of financial backing in the property market.

4. Market Momentum: First-Time Buyers Take Center Stage

In a surprising turn of events, first-time buyers accounted for 53% of all home moves in Q3, marking the highest proportion in over a year. Despite the challenges posed by high costs, this statistic suggests increasing stability and a resilient market. As the likelihood of mortgage rates coming down looms on the horizon, we anticipate a surge in first-time buyers entering the market in the coming months.

5. Kaybridge's Take: Navigating the Path to Homeownership

At Kaybridge Residential Estate Agents, we're committed to guiding aspiring homeowners through every step of their journey. Whether you're exploring financing options, searching for your ideal property, or staying informed about market trends, our team is here to support you. As the real estate landscape evolves, we strive to provide the insights and expertise needed to make informed decisions.

If you're a first time buyer looking for a home in Epsom, Stoneleigh, or any of the surrounding areas, be sure to contact us. Let's unlock the door to your homeownership journey together!

Source: #Dataloft, English Housing Survey 2021/22, Really Moving