Halifax has reported that first-time buyer numbers have hit their highest amount for a decade, increasing more than double the 10% rise for all buyer types.
The lender found that across Britain the average price of a typical first-time buyer property has out-performed the overall housing market.
First-time buyers are now putting down record deposits for their first home. Nationally the average deposit is £33,127, an increase of 71% from £19,364 in 2008. In London, the average first-time buyer deposit is £114,952 (27% of the purchase price) and a three-fold increase from £38,335 in 2008.
Owning their own home remains a dream for many young Brits though, as half of 18-34 year-olds think it’s harder than ever to get on the housing ladder and almost one in five say they believe they’ll be renting for ever. Older renters are less hopeful than younger ones at owning a home – one in four (26%) 31-34 year-olds say they’ll never be able to buy a home.
A third of young people think the only way they’ll get on the property ladder is by inheriting the cash, while more than one in 10 (16%) would consider upping sticks and moving abroad because of high UK property prices.
The number of first-time buyers increased by around 3% in the first six months of 2018 to 175,500 compared with 171,200 in the same period in 2017.