This represents around 216,000 first-time buyers (FTBs) up from 193,000 in 2011. But this is almost 50% lower than in 2006.
Affordability not availability of stock seems to be the stumbling block for many who are forces to take up the rental option. Again mortgage affordability has much improved in recent years but the need for ever increased deposits is still keeping many locked in rented accommodation.
The average house price paid by a FTB in 2012 was £139,921, an increase of 3% on £136,195 in 2011. This was highest in Greater London at £251,096 more than two and a half times that in the North at £99,506.
The average age of a FTB is 30 years old, a slight increase on 29 in 2011. In London the average age was higher at 32.
The national average for a FTB deposit in 2012 stood at £27,984 a very slight up on 2011 at £27,239 AND 60% higher than in 2007 at £17,482. In Greater London the average was £62,356.