The latest Halifax First-Time Buyer Review has revealed that those buying their first house or a flat currently account for over 50% of all real estate purchases with the mortgage. Just a decade ago, the number of first-time buyers stood at just 38%. The last time when the UK real estate market saw such situation was in 1995, 23 years ago.
The average deposit for the first home in the UK was recorded at £32,841, while in London those buying a home for the first time will have to pay an average deposit of bewildering £110,656.
North West and Scotland were recognised to be the most affordable areas for the first-time buyers.
The top 10 least affordable areas in the UK for first-time buyers lie almost exclusively in London, with only one such district recorded in South East England, Oxford.
Least Affordable Districts by Property Price to Average Earnings Ratio:
Since 2008 the number of people buying their first home has increased by 92%.
In 2018, 67% of mortgages for the first homes were obtained for terraced and semi-detached housed which were the go-to options for the first-time purchasers over the last decade.
In London, the average age of a first-time buyer is 33 years old, which is the oldest age of the real estate market entrants among all other regions in the UK.
On average, first-time buyers pay £422,580 for the property in London, which is around double the national average, placing properties of this price range in London in high demand.
Managing Director at the Halifax Russell Galley said: “New buyers coming on to the ladder are vital for the overall wellbeing of the UK housing market”.
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