The number of first-time buyers stepping onto the property ladder totalled 341,068 last year, a figure up 19% compared to 2023, data from Halifax has shown.

Halifax figures also revealed that first-time buyers made up over half (54%) of all home purchases made with a mortgage last year, the biggest majority on record.

The average first-time buyer in 2024 was 33 years old, two years older than 10 years ago and the oldest in two decades. These buyers put down an average deposit of £61,090 and typically paid £311,034 for their first home.

Halifax’s analysis also indicated that many buying their first home were doing so in couples – as 62% of mortgage completions last year were in two or more names. However, 38% of buyers started on the property ladder on their own, which was a 1% increase from 2023.

“Last year saw a big increase in the number of first-time buyers, up almost a fifth from 2023,” said head of mortgages at Halifax, Amanda Bryden. “This likely reflects an improvement in mortgage affordability, as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder.

“Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit of £61,090 and an average starter home price of £311,034, which can be a stretch for those with a single income. It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.

“Despite the challenges of saving for a deposit and rising house prices – up 8% in 2024 – it’s encouraging that first-time buyers still account for more than half of all new mortgages, the biggest majority ever recorded.”

---