June 2015 - First Time Buyer Tracker

First-time buyers squeezed out as deposit costs rise

  • May sees 22,200 first-time buyer (FTB) transactions as sales drop 18.1% compared to 27,100 last year
  • This makes May 2015 the lowest May for first-time buyer transactions in three years
  • Average first-time buyer deposit climbs 4.2% year-on-year to £25,134 as purchase prices rise
  • Comes despite rock bottom average mortgage rates and repayments falling as a proportion of income

This year (2015) witnessed the lowest May for first-time buyer completions in three years as the election temporarily stalled the market and deposits costs climbed, according to the latest First-Time Buyer Tracker from Your Move.

The number of first-time buyers completing property transactions in May has fallen by over 18% compared to the same time last year. There were 22,000 transactions in May 2015, 18.1% lower than May 2014’s figure of 27,100. 

May’s figure is 0.9% lower than April’s figure of 22,400 first-time buyer completions. May did see significantly more sales than three months ago (+16.2%), but February’s figure of 19,100 represents a seasonally quiet time of year. 

Read the full report here.