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Buying a home has never been cheap but research suggests that today it’s more expensive than ever. High prices can prove a real stumbling block, particularly for first time buyers – but there’s still reason to be positive.
Recent research from Halifax suggests that the average deposit for house buyers in the UK in 2018 is £33,127. Just a decade ago, the national average stood at £19,364.
The average first time buyer, meanwhile, is looking at paying £208,741 for a property today, up from £172,659 in 2008. This equates to an average deposit of £20,622.
As a result of rising house prices, the average age of a first time buyer has increased significantly over the past 60 years – according to a 2018 study commissioned by Keepmoat Homes.
Back in the 1960s, the typical first time buyer was aged just 23. To save for their £595 deposit they needed around two years.
Fast forward 30 years, and the average age had gone up by six years to 29. First time buyers in the 90s needed four years to hit their £5,210 deposit target.
Today, the average age has now risen to above 30 and it takes more than five years to save up for a deposit of more than £20,000. Little wonder then that around 50% of all first time buyers now have financial help from their parents. This figure was 23% 60 years ago – less than half.
Perhaps unsurprisingly, it is London where deposits, and property prices, are highest for first time buyers.
Halifax reports that the average first time buyer must put down a deposit of £114,952 – 27% of the purchase price. This is three times more than the average in 2008, which stood at £38,335.
The average house price in the capital has doubled over the past 10 years to around £400,000. Property in the South East, on average, costs close to £280,000, while in East Anglia a first time buyer can typically expect to pay just over £207,000.
However, there is better news for first time buyers in the North East, or those willing to relocate to the region, as house prices there are much more reasonable at around £126,500. While average house prices in Wales and Yorkshire and the Humber, are both under £140,000.
Despite the fairly intimidating deposit prices being quoted, it is still possible to get on to the property ladder. In fact, Halifax figures suggest that the number of first time buyers in the UK has gone up by around 3% in the first six months of 2018 to 175,500, compared with 171,200 in the same period last year.
Key drivers behind this rise include record low mortgage rates and government measures, such as the Help to Buy scheme. So there remains plenty to be positive about for those looking to get their first home.
Image source: Daily mail
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