27 Nov 2023

First Time Buyer Funding – Getting a lift on to the property market

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First Time Buyer Funding

The average deposit paid by a first-time buyer was £43,693. Perhaps unsurprisingly, almost two-thirds (63%) were in the top 40% income bracket.

Just over two thirds (68%) of first-time buyers paid less than a 20% deposit, while a fortunate 5% were mortgage-free.

85% reported funding the purchase of their first home with savings, whilst 27% received help from family and friends and 8% used inheritance.

Despite high costs, first-time buyers accounted for 53% of all home moves in Q3, the highest proportion in over a year. With increasing stability and the likelihood of mortgage rates coming down, more first-time buyers may enter the market in the coming months.

#helpingyoumove in Lancaster, Morecambe, Preston, and South Ribble

Source: #Dataloft, English Housing Survey 2021/22, Really Moving