Less first time buyers than ever
The number of first-time buyers has fallen to its lowest since 1980 as rising house prices have forced prospective homeowners to rent properties or live with their parents.
About 300,000 people bought their first home this year, down from 532,000 in 2002, a report from Halifax, the UK’s biggest mortgage lender, shows.
The average cost of a first home rose by 15 per cent this year to £175,093. Those who bought their first home five years ago paid an average of £95,994.
A typical buyer new to the market is now unable to afford the cost of an average house in 96 per cent of towns in the UK – treble the number of towns that were unaffordable for prospective homeowners in 2002.
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