The number of first-time homebuyers in the UK has more than doubled after it reached an all-time low of 72,700 in the first half of 2009, and is presently only 8% lower than it was in 2006, when the last boom peaked at 190,900.
Research from the Halifax has confirmed that the number of first-time buyers went up by 3% in the first half of this year to 175,500, compared with the total of 171,200 reported in the same period last year.
This is the six increase over a similar time frame in the last seven years and the third consecutive year that the number of first-time homebuyers has surpassed 150,000.
The growing number of first-time buyers means that they also account for a greater proportion of purchasers financed by mortgages: from 38% ten years ago to 51% in 2018. This percentage has increased since 2013, when Help to Buy appeared. This scheme has since helped 128,317 new buyers acquire homes of their own.
Property prices in the three months to August 2018 went up by 3.7% compared to the same time last year. Average house prices, £229,958, were largely unchanged since last month.
On a month-to-month basis, prices stayed even. In August there was a small increase of 0.1% while in the most recent quarter price were 1.9% high than in March-May 2018.