UK Finance figures show that more first-time buyers got their foot on the property ladder in November, before the Christmas slowdown.
Its Mortgage Trends Update for November 2018 indicated that 36,200 new mortgages for first-time buyers were completed that month. This is a 5.8% increase over November 2017. At £6.0bn, the new lending was up by 9.1% year-on-year. The figures revealed that the average first-time homebuyer is 30 years old and has a £42,000 gross household income.
Land Registry figures show that in England, the average first-time buyer purchases their first property for £207,538. This is 2.3% higher than last year, but property prices are the same from the month before.
In London, however, first-time buyers in 2019 will pay £413,744 on average to get on the property ladder. This is a drop of 0.9% from a year ago and an increase of 1.1% from October 2018.