According to a recent article on the Independent, first-time buyer completions in the UK have gone up by 11% compared to this time a year ago. However, the average first-time buyer deposit fell 8% from £28,498 to £26,134. Is this a result of Help to Buy making lending more accessible?

The figures compared September 2013 to September 2014 and revealed that the average home price of a first-time buyer went up by 3% to £150,950. On a monthly basis, however, this figure dropped by 11% – a similar percentage to 2013 when they were down 12% between August and September.

The average purchase price in the UK for first-time buyers stands at £143,721. However, in the capital, this figure is £276,168, compared to £106,993 in Northern Ireland.

Despite these figures, it seems as though first-time buyers are becoming less optimistic that they will ever make it on to the property ladder, according to a study by Royal Mail’s Redirection service customers. A third of those surveyed said the reason they felt buying a home was such a challenge was because they needed to raise such a large deposit. Some 11% claimed that they were nervous that they would not be able to afford the cost of mortgage repayments.

A lot of buyers are put off by hefty estate agents’ fees, and feel that buying a first home or moving property is too financially draining. However, eMoov is an online estate agent with fixed fees, and can save you hundreds of pounds. Contact us today to learn more about our services.

Share This