TSB reports fewer gifted deposits as more first-time buyers go it alone pre-Stamp Duty deadline
Fewer first-time homebuyers are leaning on financial support from family and friends to fund their deposits, according to recent figures from TSB.
The bank reported a modest drop in the proportion of first-time buyers receiving gifted deposits — down from 34% in the first quarter of 2024 to 30% in the same period of 2025.
The data also indicated a rise in the share of first-time buyers completing mortgage deals, increasing from 29% to 32% year-on-year, ahead of the changes to Stamp Duty that took effect on April 1.
Regional trends revealed that the highest concentration of first-time buyers was in London and the South East, each accounting for 17% of TSB’s completions in Q1 2025. The North West followed at 12%, while Scotland represented 10%.
London recorded the most significant rise in first-time buyer activity, up by five percentage points, with Wales and Yorkshire and the Humber each seeing a one-point increase.
Age trends also shifted. Yorkshire and the Humber was the only area where the average first-time buyer remains in their twenties, at 29. It was also the only region where the average age fell year-on-year.
By contrast, East Midlands and London had the oldest average age for new buyers, both at 33. The East Midlands saw the largest age increase, from 30 to 33, followed by East Anglia, where it rose from 29 to 32.
Loan terms have slightly shortened, with new buyers now typically taking out 31-year mortgages, down from 32 years the previous year. TSB attributed the trend to lower interest rates in the market.
Digital access remains a growing trend in how customers secure financing. In 2024, TSB facilitated over 28,000 video mortgage consultations, with 35% conducted outside of standard business hours, catering to clients’ schedules.
“Many first-time buyers are continuing to rely on the bank of mum and dad to put down a deposit on their first home,” said Craig Calder (pictured), secured lending director at TSB. “But while it’s taking them slightly longer to get on the property ladder, they’re taking shorter repayment terms when they do.
“In a competitive mortgage market, first-time buyers should monitor rates and speak to their bank or broker to find the best deal to help them buy their dream home.”
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