The number of first-time buyers getting on to the property ladder increased by 19% in 2024 compared to 2023, according to new data from Halifax.
The mortgage lender said those buying their first home are putting down an average deposit of £61,090 with the typical cost of a first-time buyer property being £311,034.
Meanwhile, Halifax’s data has revealed the average age for first-time buyers has increased by two years in the last decade with people typically reaching homeownership at 33.
And it would seem the majority of people are buying their first home in couples with 62% of mortgage completions having two names or more on the documents.
The data provides further evidence that despite challenges, more first-time buyers are finding ways to get onto the property ladder.
Earlier this month analysis from comparison site, reallymoving, revealed a spike in first-time buyers in the last three months, a rise it attributed to the looming stamp duty deadline.
However, Amanda Bryden, head of mortgages at Halifax said there were other factors at play too. She said: “This likely reflects an improvement in mortgage affordability, as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder.
“Many are still teaming up to make the numbers work, with most buying homes jointly.
“This makes sense given the average deposit of £61,090 and an average starter home price of £311,034, which can be a stretch for those with a single income. It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.
“Despite the challenges of saving for a deposit and rising house prices – up 8% in 2024 – it’s encouraging that first-time buyers still account for more than half of all new mortgages, the biggest majority ever recorded.”
Halifax also looked at which areas of the UK were the most affordable and found the North, including locations as such as County Durham or Burnley, offered more value.
Bryden said: “While the journey to homeownership can look daunting, there are lots of tools and schemes available to help, such as mortgage products tailored for those buying a first home, or Shared Ownership can also be a route to stepping on the property ladder at lower cost.
“The best first step is to speak to a mortgage adviser or broker. By understanding what you need to save and what’s affordable, you can turn the dream of owning a home into reality.”
