Home Residential PropertyFirst-Time Buyers First-time buyers are spending £55k more to get on the property ladder than 5 years ago

First-time buyers are spending £55k more to get on the property ladder than 5 years ago

by LLP Finance Reporter
10th Mar 23 11:58 am

According to analysis from Money.co.uk Mortgages, first-time buyers make up 53% of the overall sales in the UK, a figure which is at its highest in over ten years.

The study analysed figures from YBS, gov.uk and Statista to reveal how many first-time buyers are in the UK as well as the average house price and deposit they can expect to pay.

2022 saw over 370,000 first-time buyers in the UK, a slight decline from 2021 when they hit their greatest number in over 15 years. The coronavirus pandemic is thought to have played a role in this drastic 35% increase.

In 2006, there were 400,900 first-time buyers, but that number fell following the 2008 financial crisis. Since then, it has recovered, but not to pre-2008 levels, currently standing at 370,287.

First-time buyers make up 53% of the overall sales in the UK, a figure which is at its highest in over ten years.

As of December 2022, the average house price for a first-time buyer in Great Britain stands at £245,958. That’s around £55,500 higher than it was five years previously, an increase of 29%.

Unsurprisingly, London is the most expensive region for those looking to get onto the property ladder, with an average first-time buyer cost of £469,496. Meanwhile, the North East is the cheapest region, with an average first-time buyer price of £139,984.

The average first-time buyer deposit in the UK is £61,000, which is around 26% of the average first-time buyer house price (£236,783). The area of the UK where first-time buyers put down the largest deposit on average is London, at £115,759. This is around 25% of the average London first-time-buyer house price, close to the average UK deposit percentage.

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