New research from Halifax this month shows that the number of first-time buyers in Britain has hit a 12-year high, despite the national average deposit now exceeding £33,000.
It says the number of people taking their first step onto the property ladder hit a new high in the first half of this year at 175,500 – coinciding with the government’s de facto scrapping of stamp duty for many first-time buyers, and the continuation of the Help To Buy programme.
This is the third consecutive year that first-time buyer numbers have topped 150,000 in Britain, more than double the record low of 72,700 in the first half of 2009 following the financial crisis.
First-time buyer numbers have risen 21 per cent in the past decade according to the Halifax, which uses its own housing data, earnings figures supplied by the Office for National Statistics and mortgage and deposit data from UK Finance.
Pendle and Stirling in Scotland are the most affordable areas with average property prices at three times local annual average gross earnings at £97,387 and £143,148 respectively.
Ian Bythell Residential Director at Petty Estate Agents said “We’re at a great advantage in Pendle, as our property prices and annual earnings aren’t as far removed from each other as they are in other parts of the country, especially London. This means there is a lot of excellent property in amazing locations that is also extremely affordable, which is especially attractive for first time buyers and people looking to relocate.”
“As the areas only Relocation Network Agents we help a lot of people move and relocate to Pendle who are attracted by our housing market, our great countryside and our connectivity to the major cities in the North West”
“This also makes our area attractive to construction and building companies looking at new build development sites, which is evident in the new build projects currently available in Burnley and Pendle.”