The average first-time buyer deposit has reached a record high. Those hopping on the first rung of the property ladder are handing over £3,000 more than in 2018.
Research by Halifax has revealed that the average first-time buyer deposit reached £46,187 in 2019. This was seven per cent higher than the average deposit of £43,155 in 2018.
The average house price paid by first time buyers had risen by 9 per cent in the last year from £213,203 in 2018, to £231,455 in 2019. If you thought you were nearly there with saving for a deposit, you might want to think again.
Despite, house prices faltering and struggling over the last year due to Brexit and general election uncertainty, first-time buyers are still battling against inflation.
Unsurprisingly, first-time buyers in London faced the most eye-watering deposit at £109,885. While in the northeast of England, first-time buyers had it slightly easier, only needing to put down an average of £24,091.
However, despite the rise in house prices, the number of people buying their first home has increased. But only by around one per cent, going from 353,130 in 2018 to 356,767 in 2019.
In Northern Ireland, the number of first-time buyers increased by an even larger amount. It jumped up 6 per cent, going from 10,430 to 11,013.
Overall, first-time buyers now account for more than half of all house purchase mortgages.
'This is in part explained by initiatives designed specifically to support this key group, including Help to Buy schemes and family support mortgages. They also benefit from the continued period of record low-interest rates,' Russell Galley, managing director at Halifax told The Sun.
'However, it's clear that more needs to be done to address more fundamental long-term issues, not least the shortage of new, affordable homes being built,' he adds
How close are you to saving £46K toward your dream home?
Get the Ideal Home Newsletter
Sign up to our newsletter for style and decor inspiration, house makeovers, project advice and more.
Rebecca Knight has been the Deputy Editor on the Ideal Home Website since 2022. She graduated with a Masters degree in magazine journalism from City, University of London in 2018, before starting her journalism career as a staff writer on women's weekly magazines. She fell into the world of homes and interiors after joining the Ideal Home website team in 2019 as a Digital Writer. In 2020 she moved into position of Homes News Editor working across Homes & Gardens, LivingEtc, Real Homes, Gardeningetc and Ideal Home covering everything from the latest viral cleaning hack to the next big interior trend.
How to grow begonias from tubers – the perfect shade-loving flower for colour all summer long
Begonias are the perfect addition to any garden
By Kayleigh Dray
Are slab kitchens still on trend? Give an ultra-modern design a refresh with these 5 stylish tricks
Simple doesn't have to mean boring - these style tips will bring a pared-back kitchen scheme to life
By Alisha Solanki
Fred Sirieix's clever and affordable lighting solution instantly elevates a kitchen – designers say it's a 'must-have'
Add a touch of luxe to your cooking space
By Jullia Joson