NUMBER OF FIRST-TIME BUYERS DROPS

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.”