First-time buyers are dominating the purchase property market for the first time in 23 years.
Figures from Halifax show the number of first-time buyers reached 372,000 in 2018, accounting for the majority of home purchases for the first time since 1995.
The number of first-time buyers has gone up 2% in the last 12 months, continuing an upward trend over the last seven years. In fact, the overall number of first-time buyers has increased by 92% from an all-time low of 192,300 in 2008.
First-time buyers now account for just over 50% of all house purchases with a mortgage, an increase from 38% a decade ago.
Halifax’s data also shows the average price paid for a typical first home has gone up by 39%, from £153,030 in 2008, to £212,473 in 2018. The average deposit has increased by 57% from £21,133 to £33,252 over the same period.
Call Trinity Financial on 020 7016 0790 to secure a first-time buyer mortgage