Six Year High for First Time Buyers

The headlines from LSL’s latest monthly survey are:

– There were 29,000 FTB purchases in December, up eight per cent on the previous month and up 30 per cent year-on-year;

– the average FTB deposit has fallen by 3.6 per cent over the past year to £26,533;

– but although deposits are smaller, the average mortgage taken out by a FTB has risen 11.4 per cent over the past year to £122,040 because of house price growth;

– this means the average price of a first-time buyer property purchased is now £148,573;

– the average first-time buyer in London and south east England is 32 with an average salary of £41,616; the average age in the rest of the country is 30, with an average salary of £31,731;

– in the last quarter of 2013, London and the south east saw the most first-time buyers at 14,700 and 17,100, paying a typical deposit of £66,150. Contrast that with Wales, where the average FTB deposit was just £11,605.

LSL compiles these findings from data from registered first time buyers in its Your Move and Reeds Rains agencies, and integrates this with the Council for Mortgage Lenders’ data.