Property News & Views
First Time Buyer Numbers Reach 10 Year High —
12th Mar 2018
One of the UK's biggest mortgage lenders, Halifax, has reported that the number of first-time buyers in the UK has reached a ten-year high at 359,000. The average deposit for these purchases has climbed by 91% over the last decade.
To put that into perspective, the average house deposit back in 2007 was £17,740, this has rocketed to £31,339 today. This can be largely attributed to the fact the average house price has risen by 21% (or £37,377) over the last ten years to £212,079.
The Halifax Managing Director, Russell Galley was quoted as saying: "This ten-year high in the number of first-time buyers shows continued healthy movement in this key area despite a shortage of homes and the ongoing challenge of saving enough of a deposit."
Peter Scott from Peter Scott Property adds " It's been quite a bonanza time for first time buyers at long last. High employment numbers, low interest rates, the Government Help To Buy Scheme and last years Stamp Duty Land Tax changes for first time buyers have all contributed to these excellent numbers. Its no surprise that around half of new mortgages written today are in this sector."