Revealed: Average price of first-home in West Midlands as number of people stepping onto property ladder is on the rise
The number of people stepping on to the property ladder jumped by nearly a fifth last year according to analysis by a major bank as figures show an increase in first-time buyer house prices in the West Midlands.
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Halifax said there were 341,068 first-time buyers last year, up 19 per cent compared with 2023. The year 2023 saw first-time buyer numbers drop off by 22 per cent annually, in the tough mortgage rate environment.
Despite the rebound, last year’s estimated total was not as big as the 369,870 first-time buyers recorded in 2022.
The average deposit they are stumping up is £61,090, to buy a home valued at £311,034 typically. Halifax said the average first-time buyer is 33 years old, two years older than a decade ago when they were 31.
The bank said first-time buyers made up more than half (54 per cent) of all home purchases made with a mortgage last year. Nearly two-thirds (62 per cent) of mortgage completions last year were in two or more names, with 38 per cent starting on the property ladder on their own.
In the West Midlands, figures from Halifax show the average first-time buyer house prices in 2024 jumped to £255,373, compared to £241,034 in 2023.
The average deposit for a first property in the region has also increased from £38,708 in 2023 to £42,898 in 2024, according to the bank.
Meanwhile, the average age of first-time buyers in the West Midlands has increased from 30-years-old in 2014 to 33-years-old in 2024.
