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Economics
commentary

First-time buyers retreat as affordability pressures intensify


First-time buyers are often regarded as the lifeblood of the residential property market. As new entrants to the housing ladder, they support transaction activity, stimulate market liquidity and create opportunities for existing homeowners to upgrade. However, recent data suggests that first-time buyers have been disproportionately affected by the increasingly challenging economic environment, resulting in a notable decline in their market participation during 2026, reflecting the combined effects of elevated borrowing costs, rising living expenses, heightened uncertainty and weakening affordability. In this piece, we examine internal mortgage application data to assess how first-time buyer activity has evolved relative to the broader market.


 
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