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February 2014 - First Time Buyer Tracker

March 6, 2014Tags: first time buyers

- Average first-time buyer purchase price hits new high of £155,832 – up £5,000 in a month
- But high loan to value lending is on the up, average LTV for new buyers rises to 82.3%
- First-time buyer numbers up by a third year-on-year
- However repayments increase as a proportion of income, as real wages stay stagnant

First Time Buyer Overview

The average first-time buyer purchase price climbed 16% over the year to January 2014, hitting a record high of £155,832. It represented a 3.3% monthly increase in purchase price, equivalent to a jump of £5,000. This increase in purchase price has driven a rise in deposit size. The average first-time buyer deposit rose to £27,519 in January 2014 – from £26,963 twelve months before. And for the first time in seven months, deposits are growing as a proportion of income. The average deposit represented 75.1% of a first-time buyer’s income in January 2014, up from 74.7% in December 2013.

Regional snapshop

The average first-time buyer purchase price climbed 16% over the year to January 2014, hitting a record high of £155,832, according to the latest First Time Buyer Tracker from LSL Property Services. It represented a 3.3% monthly increase in purchase price, equivalent to a jump of £5,000. This increase in purchase price has driven a rise in deposit size. The average first-time buyer deposit rose to £27,519 in January 2014 – from £26,963 twelve months before. And for the first time in seven months, deposits are growing as a proportion of income. The average deposit represented 75.1% of a first-time buyer’s income in January 2014, up from 74.7% in December 2013.

Read the full First Time Buyer Tracker