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| Most mortgages go to first-time buyers, Halifax research shows | Most mortgages go to first-time buyers, Halifax research shows |
| (about 1 hour later) | |
| First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show. | First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show. |
| The Halifax bank said the last time such a situation existed was 1995. | The Halifax bank said the last time such a situation existed was 1995. |
| Its research found Pendle in Lancashire and Copeland in Cumbria were the most affordable areas, with homes costing 2.6 times local earnings on average. | Its research found Pendle in Lancashire and Copeland in Cumbria were the most affordable areas, with homes costing 2.6 times local earnings on average. |
| An average deposit of £32,841 is required to get on the property ladder in the UK, but first-time buyers in London need to find £110,656. | An average deposit of £32,841 is required to get on the property ladder in the UK, but first-time buyers in London need to find £110,656. |
| The Halifax First-Time Buyer Review is based on figures from industry group UK Finance, as well as its own house price database and Office for National Statistics earnings figures. | The Halifax First-Time Buyer Review is based on figures from industry group UK Finance, as well as its own house price database and Office for National Statistics earnings figures. |
| Halifax said first-time owners in 2018 accounted for just over half of all sales with a mortgage. | Halifax said first-time owners in 2018 accounted for just over half of all sales with a mortgage. |
| There has been an overall increase in UK first-time buyers from 192,300 in 2008 to 372,000 in 2018, although in Scotland and Wales numbers have fallen, the research found. | There has been an overall increase in UK first-time buyers from 192,300 in 2008 to 372,000 in 2018, although in Scotland and Wales numbers have fallen, the research found. |
| According to the Halifax , the average price of a typical first home has jumped by 39%, from £153,030 in 2008 to £212,473 in 2018. | According to the Halifax , the average price of a typical first home has jumped by 39%, from £153,030 in 2008 to £212,473 in 2018. |
| It said terraced houses, followed by semi-detached properties, were the first-time buyer's home of choice over the past decade. | It said terraced houses, followed by semi-detached properties, were the first-time buyer's home of choice over the past decade. |
| A first-time buyer would be close to being able to buy a home outright in the north east of England or Northern Ireland for the same money it would take to raise a deposit in the capital last year, where the average price paid by a first-time buyer was £426,857. | A first-time buyer would be close to being able to buy a home outright in the north east of England or Northern Ireland for the same money it would take to raise a deposit in the capital last year, where the average price paid by a first-time buyer was £426,857. |
| In north-east England the average first-time buyer home was £126,104 while in Northern Ireland it was £129,615. | In north-east England the average first-time buyer home was £126,104 while in Northern Ireland it was £129,615. |
| Russell Galley, managing director at the Halifax, said the continued growth in first-time buyers came despite a shortage of homes and the ongoing challenge of raising a deposit. | Russell Galley, managing director at the Halifax, said the continued growth in first-time buyers came despite a shortage of homes and the ongoing challenge of raising a deposit. |
| Jackie Bennett, director of mortgages at UK Finance, said competitive mortgage deals and government schemes such as Help to Buy have boosted the market for first-time buyers while new buy-to-let purchases were "dampened" by tax and regulatory changes. | |
| East Ayrshire in Scotland was identified as the third most affordable area, with homes at three times local gross earnings. | East Ayrshire in Scotland was identified as the third most affordable area, with homes at three times local gross earnings. |
| Brent, in north-west London, was identified as the least affordable area, with first-time buyer property prices at 13.3 times local earnings, followed by two other areas in the capital - Hackney and Newham, in east London. | |
| Oxford was the only place outside London among the top 10 least affordable areas for first-time buyers, where average prices were nearly 11 times local earnings. | Oxford was the only place outside London among the top 10 least affordable areas for first-time buyers, where average prices were nearly 11 times local earnings. |