The UK’s first-time buyers accounted for £86.1bn worth of property market value in 2021, new analysis from GetAgent has revealed.
Research by the estate agent comparison site revealed they have increased by £27.3bn in a single year.
GetAgent analysed data from Halifax showing the number of first-time buyers transacting across the market and compared this to the average price paid based on Land Registry data, to reveal the total market value accounted for by those taking their first step onto the property ladder.
The data indicates that that across the UK, 397,232 first-time buyers entered the market in 2021, a figure up from 295,390 in 2020. This was also over 100,000 more first-time buyers in a single year, with the South East seeing the largest increase at 24,416, followed by London (18,717) and the North West (8,698).
The average price paid for a first home also saw a 9% increase – rising from £199,251 in 2020 to £216,836 in 2021, with Wales seeing the largest jump at 12%. As a result, the total market value of the UK’s first-time buyers in 2021 sat at just over £86.1bn.
GetAgent founder and CEO, Colby Short, commented: “Despite house prices climbing to record new heights during the pandemic, the number of first-time buyers entering the market has climbed significantly on an annual basis and the overall level of market value they account for is huge, to say the least.
“Of course, this greater demand has pushed the cost of buying even higher but it’s clear that the aspiration to own our own homes remains strong, even in today’s generation who have become more normalised to long-term renting.”
Short added: “With the level of new housing stock also failing to keep up, property values should remain buoyant, even if we do see the odd adjustment every now and then.”
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