61 per cent of first-time buyers are going it alone compared to 27 per cent as a couple. The report also found that 35 per cent of men and 26 per cent of women bought their first house on their own. The average age of the first-time buyer is 26 and they put down an average deposit of £4,600 on an average mortgage of £71,600.
The report found that 27 per cent of buyers were wanting to put ‘dead-money’ to use after years of renting.
Andy Gray, head of mortgages at The Woolwich, said: "A desire to get on the property ladder has now overtaken other motivations for buying your first property like moving away from your parents, escaping renting or settling down with a partner. It is also clear that many do not expect an instant dream home and look for the cheapest and flexible way of funding home improvements such as the ability to underpay on their mortgage to fund those vital home improvements."
