First-time buyer sales peaks in 2015

first-time-buyerThe number of first-time buyers peaked to 300,000 in 2015 for the second year in a row, according to latest reports. Wherein, however this is a slight decline from 311,700 in 2014 but it have still grown 60% from 2011. Last year’s plunge is in line with general residential house purchases, and is partly due to lack of supply, according to the annual Halifax First-Time Buyer Review. First-time buyers are an ever more important part of the housing market, accounting for 46% of all house purchases made with a mortgage in 2015.

Craig McKinlay, mortgages director at Halifax, says: “Even though the average price of the usual first-time buyer home has gone up by 10% the last year, the number of buyers into the housing market has been supported by favorable economic conditions such as, record low mortgage rates, rising employment and real pay growth.”

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