Wider market slowing but first-time buyers defying trend

Despite a wider market slow-down, the number of first-time buyers was up 11% in September.

The claim comes in a new report out this morning from LSL, which has tracked first-time transactions at Your Move and Reeds Rains.

Based on those, LSL estimates that there were 25,800 first-time buyer completions in September, up from 23,200 a year ago.

The average price a first-timer paid was £150,950 – 3% higher than a year ago – but the average deposit was 8% lower, although still a hefty £26,134.

In London, the average deposit has been heftier still, at £75,774.

The firm says that Help to Buy has been a major factor in increased first-time buyer numbers.

LSL director David Newnes said: “Help to Buy has helped keep the blood pumping in the first-time buyer market over the last year.”

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