Mon 01 Feb 2016
First-time buyers down 0.5% last year compared to 2014 to 310,000 first drop since 2011
Lack of supply is being blamed with average deposit now in excess of £32,000 across the UK and London requiring an average deposit of over £91,000 with over 25% of buyers taking a long 35 year mortgage. Compared to 2007 the average deposit was £17,499 an increase of 88% due to the lack of supply of 100% mortgages
Craig McKinlay, mortgages director at Halifax, said: “Although the average price of the typical first-time buyer home has grown by 10% in the past year, the number of buyers taking that first step onto the housing ladder has been supported by favourable economic conditions; namely, record low mortgage rates, rising employment and real pay growth.”
"I write to thank you for your help in getting this sale through to completion last Thursday. Everything was handled efficiently and quickly without any fuss - unlike some estate agents I know - and would be delighted to recommend you to anyone else selling in that area."