First Time Buyer numbers at highest in a decade

30th January 2018

First Time Buyer numbers at highest in a decade

The latest data and analysis from Halifax has shown that despite the average deposit rising since 2007 there seems to be no end to first-time-buyers storming onto the property ladder.

According to the figures, during 2017 the number of first-time buyers rose 6% to 359,000 in 2017, continuing an upward trend of six years.

The number of people getting on the housing ladder in Northern Ireland has grown by 65% to 9,410.

Russell Galley, managing director at Halifax, had this to say: “A flow of new buyers into home ownership is vital for the overall wellbeing of the UK housing market. This ten-year high in the number of first-time buyers shows continued healthy movement in this key area despite the ongoing challenge of saving enough of a deposit.

Low mortgage rates and Government schemes such as Help to Buy4 have helped first-time buyers become a much greater segment of the market, and the recent abolition of Stamp Duty on purchases of up to £300,000 is likely to continue stimulating this growth by reducing the upfront costs associated with taking the first step on to the property ladder.”

From an original article by Warren Lewis 29 January 2018