This year saw the lowest May for first time buyer completions in three years according to data from Your Move and Reeds Rains.
The number of FTBs completing property in May fell by over 18 per cent compared to the same month last year. There were 22,000 transactions in May 2015, almost a fifth lower than May 2014’s figure of 27,100.
The May 2015 total was also 0.9 per cent lower than the previous month.
The agents say that on top of the uncertainty surrounding the election, first-time buyers were facing the need for growing deposits
The average deposit for a first time buyer in May was £25,134, up 1.7 per cent on the previous month and 4.2 per cent higher than a year ago.
The average deposit as a proportion of income also grew in May, reaching 64.4 per cent of average income.
“Many first-time buyers are still on tight monthly incomes, struggling to save while savings rates stay so low. Meanwhile, deposits are rising primarily as property prices continue their seemingly unstoppable upwards march” says agents’ spokesman Adrian Gill. he claims this is “wholly due” to a lack of housing supply in comparison to demand.