The number of first-time buyers getting on the property ladder increased 19% year-on-year to 341,068 in 2024, a report has shown.
According to analysis from Halifax, first-time buyers getting on the property ladder accounted for 54% of all home purchases made with a mortgage last year. This is the biggest majority on record.
The report found that the average first-time buyer was 33 years old, which is two years older than a decade ago and the oldest in two decades.
The Shetland Islands in Scotland had the youngest average first-time buyer, at 27, with Slough in Berkshire and Sutton in South London having the oldest average first-time buyer, at 38.
The average deposit stands at £61,090, which is around £7,500 more than the year before.
The average price paid for a first home was estimated at £311,034, a rise of 8% on 2023.
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More first-time buyers getting on the property ladder did so as joint borrowers, with around 62% of mortgage completions last year doing so with two or more names. Just over a third bought their first home by themselves.
Looking at affordability, the average property for a first-time buyer is around 6.6 times the average salary, explaining why many are buying in joint names.
The most affordable place in the UK comparing property price to current earnings was County Durham in the North East, where the average first-time buyer would need to borrow 3.6 times their salary.
The least affordable areas were London and the South East, with first-time buyers in Hammersmith and Fulham needing to access 10 times their salary.
From a regional perspective, all regions in the UK saw a rise in first-time buyers. East Anglia and the South West saw the largest increases, with first-time buyer numbers climbing by around 22% year-on-year.
| Year | Number of first-time buyers | Annual percentage change | First-time buyers as a percentage of all home purchase loans |
| 2014 | 310,280 | +20% | 46% |
| 2015 | 298,190 | -4% | 46% |
| 2016 | 328,490 | +10% | 48% |
| 2017 | 345,920 | +5% | 49% |
| 2018 | 353,120 | +2% | 50% |
| 2019 | 351,260 | -1% | 51% |
| 2020 | 303,980 | -13% | 50% |
| 2021 | 405,250 | +33% | 48% |
| 2022 | 369,870 | -9% | 52% |
| 2023 | 287,060 | -22% | 53% |
| 2024 | 341,068 | +19% | 54% |
Amanda Bryden, head of mortgages at Halifax, said: “Looking ahead, we expect modest house price growth in 2025, but upcoming stamp duty threshold reductions won’t make things any easier in the short term for first-time buyers. However, as last year’s figures show, there are ways to make your money go further, with affordable areas in the North of the country, such as County Durham or Burnley, offering more value.
“While the journey to homeownership can look daunting, there are lots of tools and schemes available to help, such as mortgage products tailored for those buying a first home, or shared ownership can also be a route to stepping on the property ladder at lower cost.
“The best first step is to speak to a mortgage adviser or broker. By understanding what you need to save and what’s affordable, you can turn the dream of owning a home into reality.”
