4 Jul

Rise in first-time buyers recorded in UK

Rise in first-time buyers recorded in UK

There has been a rise in the number of people getting on to the property ladder for the first time, according to new figures from Halifax.

The latest report shows that there were an estimated 162,704 first-time buyers in the UK during the first half of 2017, which is just 15 per cent shy of the level seen during the last boom period in 2006, prior to the credit crunch.

It was also an increase on the 154,200 seen during the first half of 2016 - and more than double the figure from January to June 2009.

Some 47 per cent of these purchases were financed by a mortgage, which was 11 per cent higher than in 2007 and partially attributed to the government's Help to Buy scheme that was launched in 2013.

Martin Ellis, Halifax housing economist, said higher levels of employment, low mortgage rates and initiatives such as Help to Buy are assisting in keeping first-time buyer rates robust.

"Although the number of first-time buyers grew at a slower rate in the first half of the year compared to 2016, the levels remain healthy and the market is achieving record average house price for first-time buyers," he added.

The average price paid by someone taking their first step on to the property ladder was £207,693, but this rose to £410,000 in London.

The figures come after money.co.uk found that many buyers are having to make compromises to afford their first home, with 25 per cent opting for properties with fewer bedrooms.ADNFCR-1222-ID-801837537-ADNFCR

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