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Number of first-time house buyers hits a five-year peak
Posted by
Bill Harvest
,
02 January 2013
·
777 views
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A record number of first-time buyers has entered the housing market last year, according to a survey done by Halifax.
Nearly 216,000 people bought their first homes in 2012, a five-year peak, but still almost half the 402,800 people who bought their first home in 2006.
The Guardian quotes Martin Ellis, a housing economist at Halifax, saying that the number of first-time buyers has been boosted by “the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years.”
Mr Ellis added that “conditions for potential first-time buyers, however, remain very difficult, with problems raising the necessary deposit and concerns over the economic climate continuing to prevent many from entering the market.”
To enter the property ladder, the average deposit needed across the UK is £27,984.
Nearly 216,000 people bought their first homes in 2012, a five-year peak, but still almost half the 402,800 people who bought their first home in 2006.
The Guardian quotes Martin Ellis, a housing economist at Halifax, saying that the number of first-time buyers has been boosted by “the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years.”
Mr Ellis added that “conditions for potential first-time buyers, however, remain very difficult, with problems raising the necessary deposit and concerns over the economic climate continuing to prevent many from entering the market.”
To enter the property ladder, the average deposit needed across the UK is £27,984.
