Do all your sums and you will get your property purchase right first time
THE proportion of first time buyers has grown a third to a half in the past decade, according to figures released from Halifax.
Many of these first-time buyers, and prospective first time buyers, will find it hard to get their heads round the figures in the survey, suggesting that the average first-time buyer price in the UK is now £207,693. The highest prices, unsurprisingly, are to be found in London, where new house buyers will be expected to pay more than £400,000 for their first property.
The survey contains better news for Scottish buyers, with Stirling showing up as the most affordable local authority district in the country. In fact it’s is the most affordable district in the UK, with a first-time buyer average price of £131,1821.
Even this figure is nearly three times average income, highlighting the difficulty many young buyers are finding when trying to get their foot on to the first rung of the housing ladder.
Scotland occupied four out of the top five spots for affordability, with Renfrewshire, Inverclyde and West Dunbartonshire joining Stirling.
Martin Ellis, housing economist at Halifax, said: “Although the number of first-time buyers grew at a slower rate in the first half of the year compared to 2016, the levels remain healthy and the market is achieving record average house price for first-time buyers.
“For the third time in four years, the numbers getting on the housing ladder have exceeded 150,000 – a level of momentum not seen since before the financial crisis.
“High levels of employment, low mortgage rates and government schemes such as Help to Buy have also helped these numbers remain robust, as first-time buyers continue to form a fundamental part of the UK housing market.”
Halifax say first-time buyers need to do their sums and speak to a mortgage adviser before starting to look seriously. It also helps to keep an eye on your credit score as soon as you think you might be looking at buying a house, even if it’s not for a year or so.