Number of UK first-time buyers hits ten-year high
New research has revealed that the number of first-time buyers successfully securing their place on Britain’s housing ladder has risen for the sixth consecutive year – hitting a new, ten-year high.
At the end of 2017, the number of first-time buyers soared to an impressive 359,000, data from high street lender Halifax suggests.
The group’s latest First-Time Buyer Review indicates that there has been a six per cent rise in the number of first-time buyers in the past 12 months, with the average first-time buyer home costing around £212,079.
This is up substantially from the average price of £174,703 recorded just six years ago, the data reveals.
The research also suggests that over the years, first-time buyers have also been putting down much larger deposits.
Ten years ago, figures suggest that the average first-time buyer deposit was approximately £17,740.
Last year, this had risen to £33,339 – almost double the 2007 figure.
Russell Galley, Managing Director at Halifax, said: “Low mortgage rates, high levels of employment and government schemes such as Help to Buy have helped first-time buyers become a much greater segment of the market, and the recent abolition of Stamp Duty on purchases of up to £300,000 is likely to continue stimulating this growth by reducing the upfront costs associated with taking the first step on to the property ladder.
“A flow of new buyers into home ownership is vital for the overall wellbeing of the UK housing market,” he added.