The number of aspiring first-time buyers who have successfully managed to take their first step on Britain’s property ladder has increased dramatically in the past year, new research reveals.
Figures from high street bank Halifax suggest that the number of new homeowners in the UK recently soared to a 10-year high of 359,000.
The news comes just months after Chancellor Philip Hammond cut Stamp Duty Land Tax (SDLT) on homes valued up to £300,000 for first-time buyers.
However, Halifax’s research suggests that the number of successful first-time buyers has been on the rise for the past six years, despite the fact that the cost of an average mortgage deposit has risen significantly over the same period.
In the past ten years, the average deposit cost has grown by approximately 91 per cent, its report reveals.
Meanwhile, separate data published by the Government last week suggests that an increasing number of first-time buyers are opting for longer mortgage terms in a bid to reduce the cost of their monthly payments, making owning their first home a little more manageable.
According to the Government’s English Housing Survey, 52 per cent of today’s first-time buyers have taken out a mortgage of 30 to 40 years, as opposed to the average 25-year term.
Daniel Hegarty, Founder and CEO of online mortgage provider Habito, said: “We are seeing a lot of movement towards 30-plus year mortgages.
“Over the long-term, borrowers would be very wise to try to pay off the mortgage faster than the term.”
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