Halifax Review reveals that first-time buyers have seen a 21% hike in property prices over the last ten years
The latest Halifax First-Time Buyer Review revealed that the increase is more than double the 10% rise for all buyer types, and across Britain the average price of first-time buyer properties has out-performed the overall housing market.
Having studied the review, Simon Parker, Residential Partner at Ashtons Legal’s Norwich office advises that the Review shows that in London, the average first-time buyer property price has seen the greatest increase at 48% during the last 10 years to £419,608, with our region, East Anglia, rising by 30% to £210,639. There were relatively modest price rises in the North, Wales and in Northern Ireland, where the average first-time buyer price is down 33% to £124,035 and the lowest in the UK. The Review also shows that nationally the average deposit is £33,127, an increase of 71% from 2008.
Simon adds: “This means that first-time buyers are now putting down record deposits for their first home and have become reliant on family assistance with more and more new buyers having financial help from parents, either as a gift of money or a loan, something we are seeing in the majority of the transactions that we are dealing with.”
The Review further highlights that owning their own home remains a dream for many young Brits, though with half of 18-34 year-olds thinking that getting on the housing ladder is harder than ever, this is a dream that may not become a reality and almost one in five say they believe that they will be renting forever.
Also, parents hoping to downsize once their children have left may also have to wait longer than they had anticipated, with just over a third of 18-34 year-olds intending to stay at home until they can afford to buy.
For advice on buying your first home or assisting your children with their purchase, please contact Simon, or one of the Residential Property team in any of our offices.
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