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| House purchases by first-time buyers 'up 12%' | House purchases by first-time buyers 'up 12%' |
| (about 4 hours later) | |
| The number of house purchases by first-time buyers rose 12% this year, with about 216,000 people stepping on to the property ladder, the Halifax reports. | |
| Its study says the figure is the highest since 2007, the year before the global economic crisis struck. | Its study says the figure is the highest since 2007, the year before the global economic crisis struck. |
| The Halifax said the rise was due to more mortgages coming on the market and interest rates being lowered. | The Halifax said the rise was due to more mortgages coming on the market and interest rates being lowered. |
| The average age of first-time buyers is now 30, up from 29 a year ago, and a 20% deposit is typically required. | The average age of first-time buyers is now 30, up from 29 a year ago, and a 20% deposit is typically required. |
| A 10% deposit was typical in 2007. The average deposit needed by first-time buyers in the UK in 2012 was £27,984, with the house price averaging £139,921 - up 3% on a year before. | A 10% deposit was typical in 2007. The average deposit needed by first-time buyers in the UK in 2012 was £27,984, with the house price averaging £139,921 - up 3% on a year before. |
| The number of mortgages on the market has increased by about a fifth since August, when the government launched a multibillion-pound scheme to kick-start lending to businesses and households. | The number of mortgages on the market has increased by about a fifth since August, when the government launched a multibillion-pound scheme to kick-start lending to businesses and households. |
| It has also recently launched NewBuy, a scheme to help people purchase new-build homes with a fraction of the usual deposit. | It has also recently launched NewBuy, a scheme to help people purchase new-build homes with a fraction of the usual deposit. |
| But Martin Ellis, housing economist at Halifax, said the number of first-time buyers was still low "by recent historical standards". | But Martin Ellis, housing economist at Halifax, said the number of first-time buyers was still low "by recent historical standards". |
| In 2006, there were 402,800 first-time buyers. | In 2006, there were 402,800 first-time buyers. |
| Mr Ellis said: "The number of first-time buyers has risen to a five-year high, boosted by the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years. | Mr Ellis said: "The number of first-time buyers has risen to a five-year high, boosted by the improvement in affordability resulting from the reductions in both house prices and mortgage rates in recent years. |
| "Conditions for potential first-time buyers, however, remain very difficult with problems raising the necessary deposit and concerns over the economic climate continuing to prevent many from entering the market." | "Conditions for potential first-time buyers, however, remain very difficult with problems raising the necessary deposit and concerns over the economic climate continuing to prevent many from entering the market." |