The findings are part of Halifax's 10-year review of the first-time buyer market.
The number of first time buyers coming onto the market is at its lowest level since records began in 1974. 253,000 buyers entered the market for the first time in the first six months of 2002, compared with just 174,000 during the same period this year – a 32% fall. (Source: CML)
The average price paid for a house by a first-time buyer in the UK is now £103,294 - 128% higher than 10 years ago. Not surprisingly, first-timers in Greater London pay the most for their first home – an average house price of £193,508 – over three times more than 10 years ago (£63,881). Those in the North pay on average £60,605 for their first home, a 71% increase in the last ten years (£35,456).
Phil Jenks, Head of Mortgages at Halifax, said: "First time buyers are the heartbeat of the housing market. They may be older and wiser, but they still need specific help to get onto the housing ladder. This is particularly true in London and the South East. The average deposit paid by first-time buyers across the country is now nearly £20,000 – leaving even dual income households hard pressed to find a deposit."
