Categories: Economy

First-time patrons up by a fifth – and older than they have been 10 years in the past, Halifax says


The variety of first-time patrons rose by nearly a fifth final yr, based on knowledge from Halifax.

The financial institution mentioned 2024 noticed 341,068 folks purchase their first properties, up by 19% from 2023.

Whereas the figures are a rebound from 2023’s 22% drop, they don’t seem to be as excessive as they have been in 2022.

That yr noticed 367,870 first-time patrons recorded.

Earlier this month, the Financial institution of England minimize rates of interest to 4.5% – a drop of one other quarter share level for the third interval in a row.

Halifax mentioned that on common, first-time patrons are 33 years outdated – two years older than they have been a decade in the past – and that the typical deposit paid was £61,090 for a house usually valued at £311,034.

The financial institution additionally mentioned that folks stepping on to the property ladder accounted for greater than half of all house purchases made with a mortgage final yr, at 54%.

Ms Bryden added that “many are nonetheless teaming as much as make the numbers work, with most shopping for properties collectively”, which “is sensible” given the typical deposit and home worth.

She mentioned these costs “generally is a stretch for these with a single revenue”, and that: “It isn’t shocking the typical first-time purchaser is now 33 years outdated, the oldest within the final twenty years.”

Nonetheless, whereas Halifax expects “modest home worth development” this yr, Ms Bryden mentioned: “Upcoming stamp obligation threshold reductions will not make issues any simpler within the quick time period for first-time patrons.”

Learn extra from Sky Information:
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Chancellor Rachel Reeves introduced in her price range final yr that the “nil price” stamp obligation band for first-time patrons will scale back from £425,000 to £300,000 from 1 April.

Halifax’s analysis was based mostly on knowledge from its personal housing statistics database, in addition to figures from commerce affiliation UK Finance and official earnings knowledge.

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