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.”
"Hello Ken, Apologies for the delay in this email but just want to say thank you so much for the splendid job you did in selling our Uncle's house. You kept in touch with us all the way and found a suitable buyer quicker than we expected. Everything went ahead smoothly, mainly due to your team's efforts so thank you very much. Kind Regards Jo"