First-time patrons are spending £55k extra to get on the property ladder than 5 years in the past

In keeping with evaluation from Cash.co.uk Mortgages, first-time patrons make up 53% of the general gross sales within the UK, a determine which is at its highest in over ten years.

The research analysed figures from YBS, gov.uk and Statista to disclose what number of first-time patrons are within the UK in addition to the typical home worth and deposit they will count on to pay.

2022 noticed over 370,000 first-time patrons within the UK, a slight decline from 2021 after they hit their best quantity in over 15 years. The coronavirus pandemic is believed to have performed a task on this drastic 35% improve.

In 2006, there have been 400,900 first-time patrons, however that quantity fell following the 2008 monetary disaster. Since then, it has recovered, however to not pre-2008 ranges, at the moment standing at 370,287.

First-time patrons make up 53% of the general gross sales within the UK, a determine which is at its highest in over ten years.

As of December 2022, the typical home worth for a first-time purchaser in Nice Britain stands at £245,958. That’s round £55,500 increased than it was 5 years beforehand, a rise of 29%.

Unsurprisingly, London is the costliest area for these seeking to get onto the property ladder, with a mean first-time purchaser price of £469,496. In the meantime, the North East is the most cost effective area, with a mean first-time purchaser worth of £139,984.

The typical first-time purchaser deposit within the UK is £61,000, which is round 26% of the typical first-time purchaser home worth (£236,783). The world of the UK the place first-time patrons put down the biggest deposit on common is London, at £115,759. That is round 25% of the typical London first-time-buyer home worth, near the typical UK deposit proportion.