As part of its commitment to first-time homebuyers, Principality Building Society has partnered with Verve, a global market research company, to explore their homebuying experience.
The goal of homeownership has become increasingly challenging for first-time homebuyers. UK financial sector forecasts indicate the number of first home owners will reach a decade’s lowest by 2023[1]. To better support those trying to get on the property ladder, the Principality has adapted its offer for first-time buyers. In 2023, the building association helped more than 8,000 FTBs purchase their first home, compared to 4,587 in 2022.
Verve worked with 40 first-time buyers from across the UK with a mix of gender, age, social rank, life stages and financial confidence at different stages of their home buying journey to help understand their journey, including their thoughts on mortgage brokers.
The Principality’s mortgage application data shows that this group has adopted a range of different strategies as they search for ways to secure their first home. Of buyers involved in sole proprietorship, shared ownership and gifted deposit mortgages, between 71 and 80% are first time buyers (Principality Building Society, 2023).
Helen Lewis, National Intermediary Manager, Principality Intermediaries, says:
‘We understand the challenge new buyers face in the current climate. Our research with Verve helps us to further shape our product and proposition development for these buyers. It has also highlighted the role that real estate agents play and its importance as borrowers look for certainty, support and solutions to help them take their first steps towards homeownership.”
Over the coming months, the lender will work to share their findings with the real estate community and highlight the range of mortgage options available to make home ownership more accessible to the different types of first-time buyers identified by the research.
For more information on how Principality Building Society can help first-time buyers enter the market please contact your local BDM, Contact our broker support team on 0330 333 4021.
Alternatively, you can find more information at Website of Principality Intermediaries or follow us further LinkedIn.