First-time buyers hits a new high

First-time buyers are taking out longer mortgages…

New research by Halifax has found that there were more first-time buyers in 2016 than at any time since the financial crisis.

Halifax estimated that there were 335,750 first-time buyers last year, this is the highest figure since 2007 where the number sat at 359,900.

Since 2007 the average deposit has rose drastically to more than £32,000.

It also found that the average price of a home hit £200,000 for the very first time.

The estimated number of first-time buyers hitting the market rose by 7.3 per cent last year.

Rising prices on the property market have led to first-time buyers taking out longer mortgages. A huge 60 per cent took out a mortgage for 25 years or more.

Halifax housing economist Martin Ellis said: “Government schemes such as Help to Buy have improved affordability, enabling more first-time buyers to buy their own property.”