{"id":7841,"date":"2019-02-23T04:10:51","date_gmt":"2019-02-23T04:10:51","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/most-mortgages-go-to-first-time-buyers-halifax-research-shows\/"},"modified":"2019-02-23T04:10:51","modified_gmt":"2019-02-23T04:10:51","slug":"most-mortgages-go-to-first-time-buyers-halifax-research-shows","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/most-mortgages-go-to-first-time-buyers-halifax-research-shows\/","title":{"rendered":"Most mortgages go to first-time buyers, Halifax research shows"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape no-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Women looking at estate agent window\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/11553\/production\/_105759907_gettyimages-591459416.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p class=\"story-body__introduction\">First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show.<\/p>\n<p>The Halifax bank said the last time such a situation existed was 1995.<\/p>\n<p>Its research found Pendle in Lancashire and Copeland in Cumbria were the most affordable areas, with homes costing 2.6 times local earnings on average.<\/p>\n<p>An average deposit of \u00a332,841 is required to get on the property ladder in the UK, but first-time buyers in London need to find \u00a3110,656.<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\"><a href=\"https:\/\/www.bbc.co.uk\/news\/business-23234033\" class=\"story-body__link\">Where can I afford to live?<\/a><\/li>\n<li class=\"story-body__list-item\"><a href=\"http:\/\/www.bbc.co.uk\/news\/business-46524098\" class=\"story-body__link\">What help can first-time house buyers get?<\/a><\/li>\n<\/ul>\n<p>The Halifax First-Time Buyer Review is based on figures from industry group UK Finance, as well as its own house price database and Office for National Statistics earnings figures.<\/p>\n<p>Halifax said first-time owners in 2018 accounted for just over half of all sales with a mortgage.<\/p>\n<p>There has been an overall increase in UK first-time buyers from 192,300 in 2008 to 372,000 in 2018, although in Scotland and Wales numbers have fallen, the research found.<\/p>\n<p>According to the Halifax , the average price of a typical first home has jumped by 39%, from \u00a3153,030 in 2008 to \u00a3212,473 in 2018.<\/p>\n<p>It said terraced houses, followed by semi-detached properties, were the first-time buyer&#8217;s home of choice over the past decade.<\/p>\n<p>A first-time buyer would be close to being able to buy a home outright in the north east of England or Northern Ireland for the same money it would take to raise a deposit in the capital last year, where the average price paid by a first-time buyer was \u00a3426,857.<\/p>\n<p>In north-east England the average first-time buyer home was \u00a3126,104 while in Northern Ireland it was \u00a3129,615.<\/p>\n<p>In Wales a first-time buyer spent an average of \u00a3144,542 in 2018, and in Scotland it was \u00a3141,671.<\/p>\n<figure class=\"media-landscape no-caption full-width\"><span class=\"image-and-copyright-container\"><\/p>\n<p>            <\/span><\/p>\n<\/figure>\n<p>Russell Galley, managing director at the Halifax, said the continued growth in first-time buyers came despite a shortage of homes and the ongoing challenge of raising a deposit.<\/p>\n<p>Jackie Bennett, director of mortgages at UK Finance, said competitive mortgage deals and government schemes such as Help to Buy have boosted the market for first-time buyers while new buy-to-let purchases were &#8220;dampened&#8221; by tax and regulatory changes. <\/p>\n<p>East Ayrshire in Scotland was identified as the third most affordable area, with homes at three times local gross earnings.<\/p>\n<p>Brent, in north-west London, was identified as the least affordable area, with first-time buyer property prices at 13.3 times local earnings, followed by two other areas in the capital &#8211; Hackney and Newham, in east London.<\/p>\n<p>Oxford was the only place outside London among the top 10 least affordable areas for first-time buyers, where average prices were nearly 11 times local earnings.<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/uk-47336500\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images First-time buyers now make up the majority of home purchases bought with a mortgage in the UK, figures show. The Halifax bank said the last time such a situation existed was 1995. Its research found Pendle in Lancashire and Copeland in Cumbria were the most affordable areas, with homes costing 2.6 &hellip; <\/p>\n","protected":false},"author":0,"featured_media":7842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/7841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=7841"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/7841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/7842"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=7841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=7841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=7841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}