The survey found that approximately 900,000 FTBs entered the housing market during the housing boom in 1988 although this number plummeted to nearer 400,000 in 1995 when the market was in recession. Despite the current boom the total of FTB’s in 2001 was 568,000, some 37 per cent lower than in 1988.
The survey discovered that FTBs accounted for 43 per cent of all house purchase loans in 2001 down from a 30 year historical average of around 50 per cent.
Other key findings show that the average age of FTB’s has gone from 29 years old in 1974 to 34 in 2001. And, the number of homebuyers under 25 years old has dropped from 32 per cent in 1988 to 11 per cent in 2001.
Gary Styles, head of group economics, said: "House prices have risen very rapidly in parts of the UK over the past few years. As a result, many FTBs in the South are finding it very difficult, if not impossible, to get onto the property ladder. Affordability is not an issue in the rest of the country.
"The profile of the FTB is changing. They are getting older and have a bigger deposit than their counterparts in the late 1980's. This change reflects wider social developments."
