Wednesday, 06 January 2016 10:08
The latest First Time Buyer tracker from Your Move and Reeds Rains shows the number of completed First Time Buyer (FTB) transactions rose to 31,300 in November. This equates to a monthly increase of 4.7% and a notable rise of 23.7% year-on-year, with 25,300 FTB sales recorded during November 2014. Significantly, it also marks the highest figure seen since August 2007, before the financial crisis took hold, when the number of completed transactions stood at 35,300.
The average price of a typical FTB property has fallen on both a monthly and annual basis. The typical price currently stands at £148,385, down 3.0% from October and a drop of 4.7% year-on-year.
Affordability has also improved on a wider basis, partly fuelled by the drop in purchase price, with the average FTB deposit of £24,598 down 4.2% over the year and mortgage repayments now accounting for 18.6% of income, down 0.5% from October and 1.7% from November 2014.