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Therefore, it is natural there will be concerns about figures provided by Halifax, which highlights the struggles these buyers face when purchasing property.

The average purchase price of UK property has risen

The average price paid to purchase a home in the United Kingdom in 2019 was £231,455. This is an increase of £18,252; equating to 9%, on the 2018 figure, which was £213,203.

The average deposit paid to buy property increased in 2019

The average amount of money paid by a first-time buyer for a deposit in 2019 was £46,187. Compared to the 2018 figure, which was £43,155; this represents a rise of 7%.

However, there are more first-time buyers

While the cost of buying a home is getting more expensive for first-time buyers, there is still a demand to step on the property ladder. The number of first-time buyers in 2019 was 356,767. This is an increase of 1% from the 2018 figure of 353,130.

Russell Galley is the Managing Director of Halifax, and he said; “Whilst price growth in the overall housing market has been modest in recent years, the level of inflation facing first-time buyers is greater, which compounds the challenge in raising bigger deposits. However, given their importance to the market as a whole, it’s reassuring that the overall number of new buyers getting on the ladder remains stable.”

More help is needed to assist first-time buyers

Many people are turning their attention to the March Budget to see if more support is provided to first-time buyers. There is a lot of support on offer for first-time buyers, but more help could be made available.

Russell continued by saying; “This is in part explained by initiatives designed specifically to support this key group, including Help to Buy schemes and family support mortgages, and they also benefit from the continued period of record-low interest rates. However, it’s clear that more needs to be done to address more fundamental long-term issues, not least the shortage of new, affordable homes being built.”

If you are looking to buy your first home, it is imperative you get help from a local expert. We are on hand to ensure you make an informed decision in the local property market. However, we know the actions of first-time buyers also affect vendors, and we are here for you too.

If you are looking to sell your home, get in touch, and we will arrange a property valuation for you. At Austin Property Services, we are here to ensure you get the help you need, no matter what you intend to do in the property market.

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