First Time Buyers in 2014

The year of 2014 saw first time buyer numbers hit their highest levels in seven years. There was a rise of 22% compared to first time buyers in 2013. The results by Halifax estimates that 326,500 people were able to buy their first house or flat last year, the highest amount seen since 2007.

What is the reason for this?

Incentives such as Help to Buy, and cheap mortgage rates were the main reasons, along with positive economic conditions and job prospects.

Halifax has also said the average deposit has dropped to 7% over the course of 2014. This equates to an average of £29,218, compared to £31,582 in 2013.

Halifax have also announced house prices increased by 8.5% over the year of 2014.

Stewart Property Buyers Team