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The average deposit put down by a first-time buyer has soared by more than 50% during the past decade.
The typical person taking their first step on to the property ladder now puts down an average of £45,569 according to professional services platform Stipendium.
The sum represents a 54% jump compared with first-time buyer deposits of 10 years ago, and a 40% increase in the past five years alone.
Not only have house prices risen during the period, but the typical deposit first-time buyers need to have saved in order to secure a mortgage has also increased from 17% of their home's value to 20%
While the combination of soaring house prices and larger deposits makes it harder for first-time buyers to get on to the property ladder, the government has launched a number of schemes during the past 10 years to help people purchase their first home.
WHY IS THIS HAPPENING?
The huge jump in the size of deposits first-time buyers are putting down has largely been driven by increases to house prices.
The research found that while 10 years ago the typical person put down a 17% deposit, the average first-time buyer property cost just £138,973, giving a deposit of £23,684, or £29,684 in today's money after being adjusted for inflation.
But fast-forward 10 years, and the typical first-time buyer property now costs £227, 846.
At the same time, the proportion of a home's value that first-time buyers need to put down in order to qualify for a mortgage has increased from 17% to 20%.
As A result, first-buyers now need to save an average of £45,569 - a massive £21,944 more than 10 years ago.
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Uk house prices look set for new record highs in the coming months despite the cost of living squeeze.
Residential property prices have continued soaring in recent months despite 30-year high inflation and a worsening cost-of-living crisis, and the signs are that they will rise further in the coming months in light of the ongoing supply-demand imbalance.
The imbalance between supply and demand will continue to drive prices upwards through the spring despite growing pressures on household finances and rising borrowing costs, with the average property price in England and Wales set to hit a new record high of £389,712 in June 2022, according to the reallymoving House Price Forecast.
The supply crunch, which has seen the volume of properties for sale plummet to record lows, combined with unseasonably strong buyer demand, is preventing sale prices from falling, as would normally be expected when households experience sudden financial pressure.
Marc Da Silva
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Almost 100,000 homes changed hands in February as the property market showed signs of an early spring bounce.
A total of 96,250 properties were sold during the month, 15.3% more than in January. But there was a sharp drop in activity compared with the same month of 2021, with property sales falling by 20.6% year on year.
The housing market was particularly busy in the first three months of 2021, as buyers rushed to complete purchases ahead of the planned end of the stamp duty holiday on 31st March, although the deadline was later extended until 30th June.
Despite the year-on-year drop, the number of sales completed in February was higher than those for the same month of 2019 and 2020, when market conditions were more normal.
This is happening because the housing market typically slows down in December and January as people put moving plans on hold during Christmas, before rebounding during the spring.
The pandemic induced search for space is also still leading to elevated buyer levels, with the latest House Price Index recording a 70% increase in people looking to move home, compared with the five year average.
Zoopla
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More than three in five properties listed for sale are now selling within 30 days, according to website OnTheMarket.
The property site found 61% of home sales agreed last month were done so within the first 30 days of being on the market - compared to 43% in the same month last year.
Daily Mail
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Zoopla surveyed homeowners across the UK to understand how the nation's room requirements shifted - and how our homes changed as a result.
Among those who changed their homes, more than half (53%) said they completely repurposed at least one bedroom, while one in five households (22%) said they changed multiple bedrooms.
Nationally, this equates to a whopping 8,856,000 bedrooms have been lost amongst the UK's 24m privately owned homes during the pandemic.
With remote and hybrid working now set to be a mainstay for many, almost half (46%) of those who have made changes have created a home office. That means more than 4.5m home offices have emerged across the UK, and over half of homeowners (58%) say they plan to permanently keep them.
Alongside home offices, there are plenty of other ways Brits have reincarnated rooms in their homes since March 2020.Acoss the UK:
1.3m home gyms have been created
984,000 home bars
900,000 home cinemas or music rooms
688,000 dedicated classrooms
Zoopla
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