How much must a first-time buyer save to get on the property ladder?

How much must a first-time buyer save to get on the property ladder?

The average first-time buyer hoping to purchase a home in the UK needs to be able to save a deposit of £25,867, a new study has revealed.

The findings follow a comprehensive analysis of data published by Halifax bank in recent years, which was carried out by emerging online property agent sellhousefast.uk.

In a report published earlier this week, sellhousefast.uk revealed that, in terms of monetary value, the average first-time buyer mortgage deposit appears to be on the rise.

It stated that between the years 1977 and 1997, the average deposit was just £1,006 – a staggering £24,861 lower than what the average first-time buyer is expected to save today.

However, after interviewing a number of young people about their attitudes towards home ownership, the group found that the majority of young Britons who currently live either with their parents or in rented accommodation are confident that they will be purchasing their first home within the next few years.

It found that more than a quarter (27 per cent) of 18 to 21-year-olds were certain that they would purchase their first home before their 25th birthday, thanks to a string of Government initiatives introduced in recent years.

Last autumn, the Chancellor, Philip Hammond, famously abolished Stamp Duty Land Tax (SDLT) for first-time buyers purchasing homes of up to £300,000.

Those purchasing homes up to £500,000 for the first time also now benefit from substantial SDLT reliefs.

Meanwhile, the Government’s Help to Buy scheme continues to help young savers achieve their home ownership dreams.

According to UK Finance, an impressive 265,000 new homeowners were able to successfully purchase their first property in 2017.