Housing market14 Feb 2025 08:11
The number of first-time buyers in the UK stepping on to the property ladder jumped by nearly a fifth last year, according to analysis by a major bank.
Halifax said there were 341,068 first-time buyers last year, up 19% compared with 2023.
The year 2023 saw first-time buyer numbers drop off by 22% annually, in the tough mortgage rate environment.
Despite the rebound, last year's estimated total was not as big as the 369,870 first-time buyers recorded in 2022.
The average deposit they are stumping up is GBP61,090, to buy a home valued at GBP311,034 typically.
Halifax said the average first-time buyer is 33 years old, two years older than a decade ago when they were 31.