The number of first-time buyers entering the property ladder has jumped by almost a fifth in 2024 vs 2023, to 341,068. While this is lower than the 2022 peak of 369,870, it’s a strong bounce back after a dip in 2023. This likely reflects an improvement in mortgage affordability, as interest rates eased and stabilised, providing more certainty for those stepping onto the ladder.
The average first-time buyer is now 33, compared to 31 a decade ago. The Shetland Islands have the youngest average first-time buyers, at 27. At the other end of the scale, Slough in Berkshire and Sutton, south London, have the oldest, at 38.
Nearly two-thirds (62%) of last year’s mortgage completions were joint purchases, while 38% bought solo, up 1percentage points from 2023.
First-time buyers make up 54% of mortgaged home purchases, the biggest majority on record. This proves that demand for homeownership remains strong despite affordability challenges. Source: PriceHubble, Halifax
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