The number of first-time buyers in the UK has fallen by more than a fifth, while homes in need of renovation are most in demand as buyers look for cheaper properties, in the latest evidence that people are struggling with higher mortgage costs.
There were 22% fewer first-time buyers between January and August compared with the same period last year, according to the mortgage lender Halifax. They still accounted for more than half (53%) of all home loans agreed in the first eight months of this year, similar to a year earlier (52%).
