The number of property sales to first-time buyers remained at 30,200 in August 2015, the same as in July and 27.4 per cent higher than in May, the latest data from Your Move and Reeds Rains shows.
This means the number of transactions is still above the figure from August 2007.
While the number of sales may be strong, first-time buyers have to cope with more costs for their purchase, as the research shows a 9 per cent increase in the average deposit to £26,741 between May and August this year.
The average price for a first-time buyer property also grew over the three months to August and reached £153,999. This was 1.4 per cent higher than the price in July, and 2.9 per cent higher than the price in May.
Adrian Gill, director of estate agents Your Move and Reeds Rains, comments:
“An end-of-summer surge in first-time buyer activity is in full swing. With May’s General Election a distant memory, many first-time buyers are basking in the political stability that comes with a majority Government and a fixed-term Parliament. They are also benefitting from a British economy that is beginning to roar. As real-term wages rise and job security is increasingly taken as a given, renters are feeling, in ever larger numbers, that they have ability to overcome cost caveats and turn their property-owning dreams into reality.”
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