First-time buyer figures hit ten-year high

The number of first-time buyers has returned to where it was a decade ago, however they are now paying double the amount in deposits, Halifax says.

Estimates claim that there were 359,000 first-time buyers in 2017, up from 339,600 in 2016 – described as a ten year high by Halifax.

Deposits have also shown to have doubled, at £33,339, while the average price for a property is £278,749, compared with £78,855 just a decade ago.

In the capital, a drop in first-time buyers by 26% was seen, from 59,000 in 2007 to 42,983 in 2017.

Russell Galley, managing director of Halifax, said: “A flow of new buyers into home ownership is vital for the overall wellbeing of the UK housing market. 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.

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