The number of people buying a home for the first time rose by 19% during the first six months of 2013, compared with the same period last year.
According to the latest First Time Buyer Review by Halifax, 120,000 people ventured onto the property ladder between January and June this year, up from 101,000 in the first six months of 2012 and representing the highest six monthly total since 2007.
Encouragingly, the number of mortgages approved to first-time buyers increased at a higher rate than within the house purchase sector, taking a 40% market share during the first half of 2013, as mortgage rates plummeted and lenders broadened their credit availability.
Despite increased activity in the sector, first-time buyers are still having to pay over the long-term average price when purchasing a property.
During the second quarter of 2013 the price of a typical first property was 4.26 times the average gross yearly salary, whilst 51% of all homes purchased by first-time buyers between January and June this year were valued above the £125,000 stamp duty limit.
Young people are typically waiting until the age of 30 before buying their first home, up from 29 in 2011, with additional figures from the Council of Mortgage Lenders suggesting that 64% of first-time buyers in 2012 had received some form of financial help from parents and older relatives.
Compare the best first time buyer mortgages How much can you borrow calculator
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.