FTB numbers dip in face of smaller deposit costs and cheaper mortgages
- October sees 28,100 first-time buyer completions – a fall of 8.5% on a three-month basis
- Comes despite home-ownership costs levelling off, as the average deposit falls 2.1% over three months
- Over the same period, the average mortgage rate continues to fall while the average LTV climbs
- However, rising purchase prices may be discouraging FTBs, with the average price of a first-time property standing at £128,225 in October – an increase of £4,475 on the same month last year
October first-time buyer sales have experienced a three-month downturn, according to the latest First-time Buyer Tracker from Reeds Rains.
First-time buyers completed 28,100 transactions in October, compared to 30,700 three months earlier in July, when the figure marked highest number of first-time buyer sales since August 2007. The difference in volumes between July and October 2015 represents a drop of 8.5% – or 2,600 fewer completed sales.