First-time buyers accounted for over half (53%) of all home loans agreed in the first eight months of this year according to the latest Halifax First-Time Buyer Review.
However, the number of first-time buyers fell 22% between January and August this year, compared to the same period in 2022. The average price of first home is now £288,030 – down just 2% in the past year – as activity slowed, with first-time buyer deposits falling 12%, although still averaging £54,116.
The report also revealed that the average age of those buying their first property is now 32, rising by two years over the past decade, most likely reflecting that increasing costs are making the road to home ownership longer.
Also, when people are ready to buy a home, most are doing so in joint names which helps both in terms of costs and affordability.