first-time buyer

Homes were deemed affordable if they cost less than four-and-a-half time's typical local first-time buyer incomes, according to the report, which used Office for National Statistics data.

Halifax will host a series of first-time buyer events in Manchester, demystifying the process of buying a home

The Halifax First-Time Buyer Review used information from UK Finance to make the findings, as well as its own house price database and Office for National Statistics (ONS) earnings figures.

The 2018 total marked the highest number of first-time buyer mortgages since 2006, when 402,800 loans were advanced.

In 2018, people taking their first step on the property ladder accounted for just over 50% of all home purchases using a mortgage, the Halifax First-Time Buyer Review found.

The figures suggest first-time buyer levels now represent half (50%) of all homes bought with a mortgage.

The figures suggest first-time buyer levels now represent half of all homes bought with a mortgage.

London: The average amount a first-time buyer will pay for a home in the capital has now increased to over PS400,000 (PS420,132), double that paid by first-time buyers across the rest of Britain (PS210,515).

In Liverpool, the average first-time buyer would need an PS18,320 deposit, which is based on 15% of the purchase value of the house, and, although there is no stamp duty tax relief, buyers are at a 20% advantage to buy rather than rent in the city.

L&C Mortgages has forecast that the average first-time buyer deposit could rise by nearly 60% over the next 10 years.

Many of these first-time buyers, and prospective first time buyers, will find it hard to get their heads round the figures in the survey, suggesting that the average first-time buyer price in the UK is now PS207,693.

The Halifax First-Time Buyer Review also showed that there were more first-time buyers in 2016 than at any time since the start of the financial crisis, with an estimated 335,750 buyers last year, the highest figure since 359,900 in 2007.