In 2017, there is an estimated number of first-time buyers to have reached 359,000. According to the Halifax First-Time Buyer Review, those that are new to the property market are placing deposits that are almost double the amount when compared to a decade ago.
In the last 12 months, the number of first-time buyers has increased by 6%, which is a continuing rising trend of six years, regardless of the average deposit increasing from £17,740 in 2007 to £33,339 a decade later, which is an increase of 91%. The data from Halifax also revealed that although the average price of an average home has increased by £37,377 (21%) from £174,703 to £212,079, the levels of first-time buyers have nearly returned to the level that was last seen in 2007, when 359,900 first-time buyers entered the property market. When compared to the lowest number of first-time buyers in 2008 which was 192,300, there has been a growth of 87%. This is now just 11% below the recent peak in 2006, which was 402,800. Out of all of the house purchases with mortgages, first-time buyers now account for half of them, which is an increase of 36% from a decade ago.
In 2017, the average age of a first-time buyer was 31 years old, which is two years older compared to a decade ago. London is the city with the oldest first-time buyers in the UK, with the average age ranging between 31 to 33 years old. We have seen the biggest increase in age of first-time buyers in Northern Ireland, which has increased by three years from 28 to 31 years old. When analysed at a Local Authority District level, Staffordshire Moorlands has the youngest first-time buyers with an average age of 28 years old. The oldest first-time buyers are in Richmond upon Thames with the average age of 35 years old.
About the Author
Stuart Mosely (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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