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Gumersalls Solicitors Epsom News

It’s no secret that property prices have been increasing again, but the latest data from Halifax shows that the price of a home for a first-time buyer (FTB) has climbed by 21 per cent in the last decade.

According to the bank, the average age of an FTB in the UK has now hit 31, while the average amount that they’ll need as a deposit now stands at £33,127. This is a 71 per cent increase on the amount needed in 2008.

But despite the challenges for FTBs in terms of affordability, the number of new buyers entering the property market is at its highest level in ten years, with FTBs now making up 51 per cent of the country’s property market.

Managing director at Halifax Russell Galley said that given the price of buying a home in the UK, it’s little surprise that the average age of first-time buyers has risen. However, he’s positive about the number of new homeowners entering the market.

“Government measures, such as Help to Buy, and record low mortgage rates continue to make buying more financially attractive than renting, with savings of £900 a year,” Mr Galley stated.

In addition to a deposit, FTBs also need to ensure they have money set aside to cover the other expenses associated with buying a home. This includes removal costs, and finding the best conveyancing solicitors in Epsom.

Earlier this year, research from Santander revealed why it’s so advantageous for young people to get on the property ladder. According to its findings, buying is always cheaper than renting, with the average FTB saving £2,268 per year when paying a mortgage as opposed to paying rent.