Lender Halifax estimates that there were 335,750 first time buyers in 2016, the highest annual figure since 2007.
The main difference between these first home purchases is that last year, the average deposit was the double the amount put down by first time buyers in 2007 at more £32,000. Plus the average first home in 2016 broke through the £200,000 threshold for the first time.
This high amount in first time buyers in 2016 results from low mortgage interest rates, government schemes such as the Help to Buy scheme, high employment levels.
28% of Halifax’s first time buyers applicants in 2016 took a mortgage over a term of 30-35 years.
Source: http://static.halifax.co.uk/assets/pdf/mortgages/pdf/halifax-first-time%20buyer%20review-13-january-2017-housing-release.pdf