With lower interest rates and purchaser initiatives such as the Help to Buy scheme, first-time buyers found houses and flats more affordable in the last year, despite rising prices.
An estimated 326,500 people purchased their first home last year – a rise of 22% compared to 2013.
Interestingly the Halifax reported the size of the average deposit fell by 7% during the year.
In 2014, first-time buyers typically had to find a down-payment of £29,218 – compared with £31,582 the year before.
In the third quarter of 2014, first-time buyers were spending an average of 32% of their disposable incomes on paying the mortgage, according to the Halifax. That compares to 50% of their incomes back in 2007.
The average first-time buyer paid £171,870 in 2014, a 9% rise on the previous year.
If you are considering buying your first property and would like to receive a full breakdown of all known legal cost, please contact our New Business Team on 01245 343980 or newbusiness@gepp.co.uk.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
