First time buyer numbers stay high despite rising prices
Rising house prices over the past year have not stopped first time buyers taking the plunge into the property market as new figures for 2015 are almost the same as the previous year.
The Halifax says 310,000 entered the market in 2015 – just 0.5% lower than 2014 – despite the average price of a first-time home having risen 10 per cent. This figure continues the dramatic growth in first time buyers from the 2011, when the figure was 193,700.
The small decline in 2015 is partly due to lack of supply says the Halifax. The average price of a property purchased by first time buyers increased by 10 per cent in 2015 from £172,563 to £190,180. The average deposit paid by a first timer rose by 13 per cent. FTBs accounted for 46 per cent of all house purchases made with a mortgage in 2015 – this share has grown from 36 per cent at the start of the housing downturn in 2007. The Halifax says most regions have benefited from the stamp duty changes announced in December 2014.
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