First-time buyers 'on the increase'
First-time home buyer numbers reached a five-year high in 2012, helped by improvements in affordability, a study has found.
However, the average age of a first-time buyer has increased to 30, from 29 a year ago, and the typical deposit required is 20%, compared with the deposit of around 10% put down in 2007, Halifax found.
Around 216,000 people took their first step on the property ladder in 2012, showing a 12% year-on-year increase and making up two fifths of all house purchase loans.
While this is the highest number since 2007, it is still almost half the 402,800 first-time buyers who bought their first home in 2006.
However, the average house price paid by a first-time buyer increased slightly to £139,921 in 2012 - representing a 3% rise compared with 2011.
Halifax found that the average price paid by a first-time buyer in November was affordable for someone on average earnings in 39% of local authority districts in the UK, compared with just 5% in 2007. Homes were classed as affordable if they cost less than four times typical local earnings.
Stirling in Scotland was named as the most affordable district, where house prices are around two and-a-half times earnings. At the other end of the scale, first-time buyers in Camden, London, face buying a home which costs nine times the average wage.
The vast majority of local authority districts which were deemed affordable in the UK were outside the South of England. Just 5% of the affordable districts were located in the South, where house prices tend to have held up to a greater extent, and 95% were spread elsewhere in England or in Scotland, Wales or Northern Ireland.
The North West was found to be the most affordable region in Britain, with 88% of local authority districts there found to be affordable. London was the area most out of buyers' reach, with 100% of districts there deemed unaffordable.
© 2012 Press Association