According to Mortgage Solutions , data has shown that the activity levels in the first-time buyer market has risen dramatically in the past three months.

Analysis by property firms Your Move and Reeds Rains showed that 30,200 first-time buyer sales were completed in August.

This figure is 27.4% up on May and made this summer the strongest for first-time buyers in eight years. Across the whole summer almost 90,000 sales completed in total.

However, supply of homes continued to be an issue for many. Prices continued to rise and so did deposit sizes, with the typical first-time buyer needing 9% more cash than three months ago.

Figures show that the average deposit needed now stands at £26,741 and represents 68.5% of a typical buyers’ income. This increase was due to higher property prices as the average home was bought for £153,999, 2.9% more than a year ago.

The market conditions vary across the country. In London the typical first-time buyer needed to fork out £302,010 for a property, with a deposit of £73,505. By contrast, buyers in Northern Ireland could get onto the ladder for £91,041, with a £12,897 deposit.

 

Source: http://www.mortgagesolutions.co.uk/news/first-time-buyer-market-gains-momentum/   25/09/2015