The latest Halifax First Time Buyer Review has revealed that despite the growth rate in FTBs slowing to 3%, the number of first-time homeowners in the first six months of 2017 is up from the 154,200 recorded in the same period in 2016.
The H1 2017 figure is more than double the market low recorded in the first half of 2009 (72,700).
A decade ago, just over a third (36%) of all house purchases financed by a mortgage were made by FTBs.
However, in 2017, the proportion of FTB purchases is estimated to have risen to almost half (47%).
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Martin Ellis, housing economist at Halifax, said: “Although the number of first-time buyers grew at a slower rate in the first half of the year compared to 2016, the levels remain healthy and the market is achieving record average house price for first-time buyers.
“High levels of employment, low mortgage rates and government schemes such as Help to Buy have also helped these numbers remain robust, as first-time buyers continue to form a fundamental part of the UK housing market.”
The average house price paid by first-time buyers was £207,693 in the first half of 2017, the highest on record.
This figure has grown by 4% in the past year from £199,414 and by 50% in the past five years from £138,663.