first time buyers account for majority of mortgages

Figures from the Halifax bank reveal that first-time buyers made up the majority of home purchases bought with a mortgage for the first time in over 20 years.

The lender said that in 2018 first-time owners accounted for just over half of all sales with a mortgage, and the average deposit required to get on the property ladder in the UK is almost £33,000. In London that figure rises significantly to over £110,000.

The Halifax First-Time Buyer Review is based on figures from industry group UK Finance, as well as its own house price database and Office for National Statistics earning figures.

Meanwhile, the research found that over the last 10 years there has been an overall increase in UK first-time buyers, from £192,300 in 2008 to 372,000 in 2018, although in Scotland and Wales the numbers have fallen.

According to the Halifax, the average price of a typical first home has jumped by 39% in the same period; from £153,030 in 2008 to £212,473 in 2018. It also said terraced houses, followed by semi-detached properties were the first-time buyer's home of choice over the past decade.

Ben Furnell, Managing Director of Furnell Residential. said: "The figures released by the Halifax clearly show the positive effect of Government backed schemes such as Help to Buy, coupled with the avaiability of competitive mortgages.

"However it is still extremely important that people receive the correct mortgage advice. Thanks to our relationship witth trusted mortgage partner Mortgage Advice Bureau this is something we are able to provide based on the individual circumstances of each customer. We also have access to thousands of mortgages including a number of exclusive deals."