First-time buyers now make up the majority of home purchases

First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show. The Halifax bank said the last time such a situation existed was 1995.

An average deposit of £32,841 is now required to get on the property ladder in the UK.

The Halifax First-Time Buyer Review is based on figures from industry group UK Finance, as well as its own house price database and Office for National Statistics earnings figures.
Halifax said first-time owners in 2018 accounted for just over half of all sales with a mortgage.

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