Number of first-time buyers in 2014 at highest since 2007
The number of first-time buyers increased by more than a fifth in 2014 according to the annual Halifax First Time Buyer (FTBs) Review.
Halifax estimates that there were 326,500 FTBs in 2014, up from 268,500 in 2013. This was the highest annual total since 2007 (359,900) and was 70% higher than in 2008 (192,300).
The average FTB deposit in 2014 was £29,218; 7% lower than in 2013 (£31,582). This decline was primarily due to the greater availability of loans requiring a relatively small deposit during the past year. Nonetheless, the average deposit is still £11,718 (67%) higher than in 2007 (£17,499).
Craig McKinlay, mortgages director at the Halifax, commented: “Record low mortgage rates and Government schemes such as Help to Buy have improved affordability, enabling more first-time buyers to buy their own property.”
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