Last Updated: 05/12/2014
Tags: Total Of First-Time Buyers Soars To Seven-Year High Due To Government's Help To Buy Scheme
March saw more people buy their first property than any other month since August 2007.
More than 31,400 first-timers signed property deeds last month, according to a study conducted by LSL Property Services.
The 'help to buy scheme' meant the average deposit needed to secure a first home dropped by 10 per cent this year to £23,802.
Average prices paid by first-timers have increased by six per cent over the past year.
David Newnes, director of estate agents Your Move and Reeds Rains, part of LSL, said: “The number of first-time buyers has returned to a pre-recession high.
“Help to Buy has allowed the bottom of the market to stay buoyant despite property prices increasing. He later went on to say that the bank of Mum and Dad is no longer the only go-to cash reserve for aspiring homeowners.Parents have seen their savings diminished by inflation and low interest rates.
Now the Government is stepping in to fill that void and help first-time buyers struggling to save for a deposit to get onto the property ladder.
In London, the average deposit for a first-time buyer was £67,955 – more than double the UK average of £30,046.
But despite this higher rate of deposit in the capital, newcomers were not put off. There were 12,700 first-time buyer sales in London between January and March – the most for any region.