First-time buyer numbers nearly doubled last year

First-time buyers take an average of eight years to save enough money for a deposit on their first home, new research has found. According to the Barclays Mortgages' First Time Buyer Index, the average person starts saving for a deposit at 24-years-old and buys their first home when they are 32. The research also found that the number of first-time buyers in the UK has almost doubled in the past year. However, 56% revealed that they would have struggled without support from their family. First-time buyers paid an average of £281,000 for a house in 2021, down £12,600 compared to 2020 but more than the average house price in 2019, which was £249,700. The survey also revealed confusion from potential homeowners about how to even start the process. More than 55% confessed they had no idea where to begin, while 39% didn't know they had to factor in solicitor's fees. Nearly half were unaware of stamp duty. 

Metro (15/03/2022)   The Independent (15/03/2022)