Number of first-time buyers reaches highest level in a decade
In the first half of 2018, the number of first-time buyers reached its highest level in a decade, recent research from the Halifax has concluded.
Government schemes such as Help to Buy and historically low mortgages deals have helped to boost numbers, although a rise in interest rates in August could see them rise.
First-time buyers have also been given a helping hand onto the property ladder from the Bank of Mum and Dad, particularly with funding a deposit. The national average for a deposit now stands at £33,127 and an eye-watering £114,952 in London. It means the average deposit for a first-time buyer has risen almost £5,000 since 2008, up from £28,335.
Along with their own data, recent research from the Office for National Statistics, and information gained from mortgages and deposits from UK Finance; Halifax has concluded that there has been a rise of 21% in First-time buyers over the past decade. Numbers rose in the first six months of 2018 to 175,000 compared with 171,200 in the same period in 2017.
In the South West, the average price for a First-time buyer is £ 207,329, giving an average deposit of £ 38,371; some 18% of the purchase price beinf put down to secure a sale.
The growth in first-time buyers means that the number of all buyers purchasing a property with a mortgage has increaed to 51 per cent this year, up from 38 per cent in 2008.
These figures are in sharp contrast to a record low of 72,700, which was in the first six months of 2009 and is now only eight per cent lower than at the peak of the last boom in 2006, which saw numbers reach 190,900.