First time buyers up by 47% in market since five years

first-time-buyerThe number of first time buyers has increased by 10% year on year to over £154,000 and have totally made up 47% of the mortgage market in the first half of 2016, which is up from 38% five years ago, according to Halifax’s review. Despite the average deposit rising by 14% in the past year, reflecting the increase in house prices over the period.

 

Chris Gowland, mortgages director at Halifax, said: “There was increase in the number of first time buyers in the first half of the year with the total exceeding 100,000 in the first six months of each year since 2012. This rise has been mostly in sequence with a general improvement in market activity and the government introduced schemes like Help to Buy scheme. Many potential first time buyers are facing rising house prices and deposit sizes, the record low mortgage rates continue to make buying appear a more attractive option than renting.”

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