First-Time Homebuyers Increase by 19% in 2024 Despite Rising Costs

Halifax reports a rebound in first-time buyers as interest rates stabilize, though affordability challenges persist with higher deposits and house prices.

The number of first-time homebuyers in the UK rose to 341,068 in 2024, a 19% increase from 2023, following a 22% drop the previous year.
The average first-time buyer is now 33 years old, two years older than a decade ago, reflecting the growing financial burden of homeownership.
Buyers are paying an average deposit of £61,090 for homes typically priced at £311,034, with many opting to purchase jointly to manage costs.
House prices increased by 8% in 2024, and upcoming reductions in the stamp duty threshold in April 2025 may further challenge affordability for new buyers.
Scotland's Inverclyde remains the UK's most affordable area for first-time buyers, while London boroughs like Hammersmith and Fulham are the least affordable.