The average income of first-time-buyers jumped £1,000 in August, from £35,000 to £36,000, a 2.9 per cent increase.
LSL Property Services also found that 44 per cent of first-time purchases were entirely self-funded in August, compared to 39 per cent in May.
However, the bulk of first-time buyers require family help to buy, with 53 per cent receiving familial help with deposits or mortgage payments, or through inheritance.
The organisation discovered that four in ten first-time buyers stated they are buying now because they have only recently been in the financial position to do so, up from 36% in May.
First-timers were most commonly looking for houses with two or more bedrooms, while 51 per cent were seeking houses with three or more bedrooms. The next most popular type of property was two-bed flats, for which 14 per cent of first-time buyers were looking in August.
LSL Property Services commercial director David Brown said: “The Liberal Democrats may be pushing for a change to allow parents to access pension pots to fund their children’s deposits, but the reality is that the bank of mum and dad is already playing a key role in the current market.
“Four in ten borrowers receive direct help from family members to help fund downpayments on their first homes. It’s crucial those who do not have family wealth to fall back on are overlooked. The NewBuy scheme may offer limited relief in autumn’s home buying season, but it has yet to have anywhere near the level of impact necessary to revive historically low first-time buyer numbers.” “
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