The variety of first-time patrons rose by virtually a fifth final yr, in response to information from Halifax.
The financial institution mentioned 2024 noticed 341,068 folks purchase their first properties, up by 19% from 2023.
Whereas the figures are a rebound from 2023’s 22% drop, they aren’t as excessive as they have been in 2022.
That yr noticed 367,870 first-time patrons recorded.
Amanda Bryden, head of mortgages on the financial institution, mentioned the rise “likely reflects an improvement in mortgage affordability as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder”.
Earlier this month, the Financial institution of England minimize rates of interest to 4.5% – a drop of one other quarter share level for the third interval in a row.
Halifax mentioned that on common, first-time patrons are 33 years previous – two years older than they have been a decade in the past – and that the typical deposit paid was £61,090 for a house sometimes valued at £311,034.
The financial institution additionally mentioned that folks stepping on to the property ladder accounted for greater than half of all house purchases made with a mortgage final yr, at 54%.
Ms Bryden added that “many are still teaming up to make the numbers work, with most buying homes jointly”, which “makes sense” given the typical deposit and home value.
She mentioned these costs “can be a stretch for those with a single income”, and that: “It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.”
Nevertheless, whereas Halifax expects “modest house price growth” this yr, Ms Bryden mentioned: “Upcoming stamp duty threshold reductions won’t make things any easier in the short term for first-time buyers.”
Chancellor Rachel Reeves introduced in her finances final yr that the “nil rate” stamp obligation band for first-time patrons will scale back from £425,000 to £300,000 from 1 April.
Halifax’s analysis was based mostly on information from its personal housing statistics database, in addition to figures from commerce affiliation UK Finance and official earnings information.
