Number of first-time buyers hits 12-year high

The number of first-time buyers in Britain is at its highest for 12 years, despite the national average deposit being over £33,000. This is the third consecutive year that first-time buyer numbers have topped 150,000 in Britain, more than double the record low of 72,700 in the first half of 2009 following the financial crisis. First-time buyers now make up 51% of all mortgage applications, according to data from Halifax. Assistance from the “Bank of Mum and Dad” played a big part in helping buyers get a deposit together, with separate figures from the ONS showing more than a third of new buyers received financial help from parents either as a gift of money or a loan. Data also revealed that eight out of the 10 most affordable local authority districts for first-time buyers are in Scotland, while the 10 least affordable are in London. With the average starter home in the capital now costing almost £420,000, first-time buyers in London are now putting down deposits of £114,952, according to the Halifax, enough to buy outright a three-bedroom terrace house in Scarborough, North Yorkshire, or a two-bedroom cottage in the Midlands.

The Daily Telegraph (10/08/2018)   The Times (10/08/2018)   Evening Standard (15/08/2018)