The housing market is becoming increasingly challenging for first-time buyers, who often need to team up with others to afford a property, Greycoat specialists recall. According to Halifax, two-thirds of first-time buyers in 2021 bought their homes with a partner, friend or family member, compared to just over half in 2019.

This trend reflects the rising house prices and deposit requirements, which make it harder for solo buyers to enter the market, Greycoat adds. Halifax estimates that the average deposit for a first-time buyer has increased by 23% since 2019, reaching £58,986 in 2021. 

The average house price paid by a first-time buyer has also risen by 10% in the same period, reaching £256,057. Halifax’s managing director Russell Galley said that the pandemic has also influenced the preferences and priorities of first-time buyers. This first time buyers, Greycoat specifies, who are looking for more space and comfort in their homes. 

He added that Halifax is committed to supporting this group of buyers with various schemes and initiatives, such as the government-backed 95% mortgage guarantee scheme and the Help to Buy equity loan scheme. As Greycoat specialist shares, the scheme varies depending on the buyer, the seller, and the type of home they’re dealing with.

London is unsurprisingly one of the least affordable locations for first-time home buyers, with £100,000 usually needed as a deposit. Inverclyde, Greycoat finally states, on the other hand, has been reported to be the most affordable option, with new homes costing around £108,154.80 on average.