First-time buyers are spending over £55k more to get on the property ladder than they were five years ago.
According to analysis from Money.co.uk Mortgages, first-time buyers make up 53% of the overall sales in the UK, a figure which is at its highest in over ten years.
The study analysed figures from YBS, gov.uk and Statista to reveal how many first-time buyers are in the UK as well as the average house price and deposit they can expect to pay.
2022 saw over 370,000 first-time buyers in the UK, a slight decline from 2021 when they hit their greatest number in over 15 years.
The pandemic is thought to have played a role in this drastic 35% increase.
In 2006, there were 400,900 first-time buyers, but that number fell following the 2008 financial crisis.
Since then, it has recovered, but not to pre-2008 levels, currently standing at 370,287.
As of December 2022, the average house price for a first-time buyer in Great Britain stands at £245,958.
That’s around £55,500 higher than it was five years previously, an increase of 29%.
Unsurprisingly, London is the most expensive region for those looking to get onto the property ladder, with an average first-time buyer cost of £469,496.
Meanwhile, the North East is the cheapest region, with an average first-time buyer price of £139,984.
The average first-time buyer deposit in the UK is £61,000, which is around 26% of the average first-time buyer house price (£236,783).
The area of the UK where first-time buyers put down the largest deposit on average is London, at £115,759.
This is around 25% of the average London first-time-buyer house price, close to the average UK deposit percentage.
For more information, visit: https://www.money.co.uk/mortgages/first-time-buyer-mortgages
