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.
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