The first-time buyer (FTB) market was valued at £106bn in 2024, driven by an increase in buyer numbers and property prices, GetAgent has found.

The firm’s latest research revealed that FTBs accounted for 18.8% of the UK housing market in 2024, after two years of consecutive decline.

GetAgent said the increase was a result of a number of factors, including improvements to mortgage affordability and a “greater degree of market stability”.

However, with market activity increasing, the firm said that it is “no surprise” that the average price paid for a first time home also climbed by 7.9% year-on-year in 2024 to £311,034.

Although the results indicated a strong performance by FTBs in 2024, GetAgent found that 75% believe the Government should still be doing more to help FTBs get onto the property ladder.

When asked what help should be introduced, the majority said they would like to see a wider range of mortgage products available with lower deposit requirements.

Others cited a commitment to building more affordable homes, as well as the return of Help to Buy.

Co-founder and chief executive officer at GetAgent, Colby Short, said: "FTBs form a significant proportion of market activity. However, while the 341,068 first-time buyers who climbed the ladder in 2024 represent a notable increase from the previous year, this figure remains some way off the 405,250 peak seen in 2021 and is only the sixth highest annual total over the last decade.

"It’s not surprising that the industry is calling for more support to help FTBs climb the ladder, with initiatives designed to lower the initial cost of buying and the provision of more affordable housing stock."

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