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First time buyer numbers up - and so are their deposits

The Haart agency claims the number of first-time buyers looking to enter the market saw a 22.7 per cent increase on the year and a 7.6 per cent rise on the month in February 

However as demand from first-time buyers has increased so have prices, with starter homes reaching a record high for the sixth month in a row. First-time buyers paid an average of £176,281 in February, which is a 9.8% annual increase, or nearly £16,000 in just one year.

At the same time, the average first-time buyer deposit rose 5.4 per cent over the past 12 months and the average mortgage increased 11 per cent over the same time period.

Haart says first-time buyers in February made up 40.1 per cent of mortgages written, up from 38.6 per cent a month previously. 

The agency reports that UK house prices dropped a hefty 5.3 per cent on the month in February but are still up 4.1 on an annual basis to an average of £218,833. 

Viewings are up 9.4 per cent on the month but sales shrunk by 8.2 per cent over the same time period. 


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