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."
Latest News
Perenna and the long-term fixed mortgage market
Content editor, Dan McGrath, spoke to head of product, proposition and distribution at Perenna, John Davison, to explore the long-term fixed mortgage market, the role that Perenna plays in this sector and the impact of the recent Autumn Budget
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories