Britain's first time buyers reach nine-year high
The number of people jumping on the property ladder in 2016 rose to its highest level since before the 2008 financial crisis, according to Halifax.
Halifax’s first time buyer review found that 335,750 bought a property for the first time in 2016, the highest figure since 359,900 in 2007 and 75% higher than the all-time low of 192,300 new buyers in 2008.
Halifax housing economist Martin Ellis attributed the increase to low mortgage rates, high levels of employment and government schemes.
"Government schemes such as Help to Buy have improved affordability, enabling more first-time buyers to buy their own property," said Ellis.
The average first time deposit however has doubled in the last decade to £32,321 compared to £15,168 in 2006, when the number of first time buyers was at a peak of 402,800.
Halifax also found that the average price of a first home broke through the £200,000 barrier for the first time, leading to 60% of first time buyers having to take out longer mortgages of up to 25 years.
There were nonetheless big regional differences in house prices.
In London, house prices were nearly double the national average of £205,170 at £402,692, while in in Northern Ireland it was just over half at £115,269.
Over the last decade, the average deposit in London had shot up by 276% to £100,445 and in Northern Ireland it fell by a fifth to £16,695.
"Across the regions there is a contrasting picture. In London - which has one of the youngest populations in the UK - the average house price for a typical first-time buyer is now more than an eye-watering £400,000 with an average deposit of over £100,000 - more than twice that in the South East, the next most expensive region," said Ellis.