First time buyers now make up more than half of the property market in the UK, with the number of people buying their first home rising by 21% since 2008.
According to new research from Halifax, first time buyers now account for 51% of home sales.
These buyers pay an average of £208,741 for their homes, a 21% increase from the 2008 average of £172,659.
The age of the average first time buyer has risen too, largely due to the increased financial commitment that buying a home now requires. The average Brit buying their first home is now 31, showing a two year increase from a decade ago.
The average deposit needed has increased too, now amounting to £33,127.
In London, the typical first time buyer property price has seen the greatest increase during the last 10 years, demonstrating a 48% rise to £419,608. The South East has seen the second largest increase, with 37% growth to £275,632 and East Anglia is up by 30% to £210,639.
The North of England has continued to experience much more modest prices in comparison to the South, with just an 8% increase for first time buyers in the last decade.
However, although the number of first time buyers is on the rise, home ownership remains out of reach for many young people, with half of 18 to 34-year-olds believing it’s harder than ever to get on the housing ladder and one in five fearing they’ll be renting forever.
Renters aged between 31 and 34 are most likely to worry about a lifetime of renting, with 26% of renters in this age bracket believing home ownership is completely out of their reach. A third think that the only way they’ll get on the property ladder is with the help of inheritance from a relative.
If you’d like to take your first steps on the property ladder but you’re concerned about your eligibility for a mortgage, please
