- First-time buyers numbers up 28% year-on-year in November
- Average mortgage rate has fallen 0.8% in the last year, now down to 3.93%
- Average deposit falls to £27,942, a decrease of 3.4% over past three months
- Mortgage repayments as a proportion income begin to creep up, highest this year
- Average purchase price for a first-time buyer up 11% in the last year to £149,404
The number of first-time buyers climbed 28% year-on-year in November thanks in part to the lowering of mortgage rates by lenders, according to the latest First Time Buyer Tracker from LSL Property Services.
There were 27,800 first-time buyer sales in November, 6,100 more than a year ago, showing improvements in the first-time buyer market are gathering even greater momentum.
The average first-time buyer LTV rose to 81.3%, the highest since September 2011, in a sign of the increased availability of mortgages as banks become more willing to lend to those with smaller deposits. As a result the average deposit size fell to £27,942, a 3.4% fall in the past three months, attracting more aspiring buyers back into the market.