A 14.9% rise in first time buyer completions in April
- April sees total of 32,300 completed FTB transactions – up 14.9% from 28,100 in March 2016
The average FTB deposit has increased £3,300 in the past year, despite boost in high LTV lending
Compared to a year ago, completed first-time buyer sales have grown 37.4%. April 2015 saw just 23,500 first-time buyer completions, meaning 8,800 more first-time buyers got on the housing ladder this year than last – sending an encouraging signal to aspiring first-time buyers.
April saw first-time buyers spend an average of £168,656 on their purchase, 13.6% higher than the £148,483 they spent in April 2015 – a difference of £20,175. With the average first-time buyer income sitting at £40,549, this sum is the equivalent of an extra half-a-year’s salary in terms of total consideration.
As a result, rising house prices have also pushed the average first-time buyer deposit up significantly over the last twelve months. Currently, the average first-time buyer pays £27,290 as a deposit, 13.8% (or £3,300) more than the £23,990 paid on average last April. When compared to average income this represents an extra month’s salary (29 days). As a proportion of income, the average deposit has climbed 4.6 percentage points compared to a year ago.
Source: First Time Buyer Tracker - April 2016