The Haart agency claims the number of first-time buyers looking to enter the market saw a 22.7 per cent increase on the year and a 7.6 per cent rise on the month in February
However as demand from first-time buyers has increased so have prices, with starter homes reaching a record high for the sixth month in a row. First-time buyers paid an average of £176,281 in February, which is a 9.8% annual increase, or nearly £16,000 in just one year.
At the same time, the average first-time buyer deposit rose 5.4 per cent over the past 12 months and the average mortgage increased 11 per cent over the same time period.
Haart says first-time buyers in February made up 40.1 per cent of mortgages written, up from 38.6 per cent a month previously.
The agency reports that UK house prices dropped a hefty 5.3 per cent on the month in February but are still up 4.1 on an annual basis to an average of £218,833.
Viewings are up 9.4 per cent on the month but sales shrunk by 8.2 per cent over the same time period.
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The deposits needed for a home, particularly in London, are getting ever more ridiculous. Something needs to be done to change that. More homes being built - and genuinely affordable ones at that - would help. No point in building a load of new homes if no-one can afford to buy any of them.
What a load of tosh.
Not you Rob, the article.
That's alright, Terence. I understood. No doubt some people do think I just post a load of old tosh, but less said about that the better!
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