The value of the UK’s first-time buyer market climbed to more than £106bn in 2024, according to new research from GetAgent.co.uk, driven by an increase in buyer numbers and rising property prices.
The property platform found that the number of first-time buyers rose by 18.8% to 341,068 last year, reversing two years of decline. The surge was attributed to improved mortgage affordability, a greater sense of market stability, and the government’s decision not to extend stamp duty relief thresholds – a move believed to have spurred hesitant buyers into action.
With market confidence returning, the average price of a first home also increased, rising 7.9% year-on-year to £311,034. This brought the total market value for first-time buyers to £106.1bn.
Regionally, the South East was home to the most valuable first-time buyer market at £25.7bn, followed by London (£22.8bn) and the North West (£8.2bn).
Despite the rebound, a survey conducted by GetAgent of property industry professionals found that 75% believe the government should be doing more to support first-time buyers. The most popular proposals included a wider availability of low-deposit mortgage products, a renewed focus on building affordable homes, and a return of the Help to Buy scheme.
Colby Short, co-founder and CEO of GetAgent.co.uk, said: “First-time buyers form a significant proportion of market activity. However, while the 341,068 first-time buyers who climbed the ladder in 2024 represent a notable increase from the previous year, this figure remains some way off the 405,250 peak seen in 2021 and is only the sixth highest annual total over the last decade.
“It’s not surprising that the industry is calling for more support to help first-time buyers climb the ladder, with initiatives designed to lower the initial cost of buying and the provision of more affordable housing stock.
“Unfortunately, it looks as though these calls will largely fall on deaf ears, as the current government has made no suggestion it will introduce first-time buyer relief and whilst this could appear in this month’s budget, it’s looking highly unlikely.”
