More than 340,000 people became homeowners in 2024, with first-time buyers putting down an average deposit of just over £61,000, according to Halifax.
The number of newcomers to the housing market rose 19% from 2023, making up 54% of all mortgage-backed purchases—the highest proportion ever recorded.
The average first-time buyer was 33 years old, the oldest in two decades. Most teamed up to buy, with 62% of mortgages taken out jointly. However, 38% purchased alone, a slight increase from the previous year.
East Anglia and the South West saw the biggest growth in first-time buyers, while London was the only region where numbers fell over the past decade.