Home Residential Property Home run! First-time buyers at seven-year high

Home run! First-time buyers at seven-year high

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6th Jan 15 11:38 am

They’re back, and they’re armed with deposits.

The number of first-time homebuyers in 2014 was the highest it’s been since 2007, according to research from Halifax.

Some 326,500 homebuyers got onto the property ladder last year, Halifax estimates, despite the prices of those homes being 9% higher than in 2013.

The average first-time buyer spent £171,870 on their new home in 2014, with a deposit of £29,218.

That compares with 2013, when the average deposit was £31,582.

The surge has been fuelled by the government’s Help To Buy scheme, cheap mortgage rates and improving economic prospects.

“Improving economic conditions and rising employment levels have boosted confidence among those thinking about getting on to the housing ladder for the first time,” said Craig McKinlay, Halifax mortgages director.

“First-time buyers are vital for a properly functioning housing market,” he added.

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