Personally, I have already come to terms with the fact that I am not going to be buying my own home any time soon – or maybe even, ever. For the more optimistic among us, Halifax has released reassuring statistics reporting that 2016 saw more first-time buyers than any other year since the start of the recession.
Halifax’s First-Time Buyer Review estimates 2016 saw the sale of over 335,000 homes to first-time buyers; the highest figure since 2007, up 7.3% from last year and a massive 75% since the all-time low in 2008.
Housing economists have attributed this increase to the record low mortgage rates available, a high level of employment amongst young people (go us!), and the wide availability of Help to Buy schemes.
Buuuut, it’s not all good news…
The report found that home-buyers are shelling over more than ever on deposits with a national average of £32,000 – more than double of that in 2007. And worryingly, many first-time buyers are also shunning the traditional 25-year mortgage term in favour of deals lasting up to 35 years meaning those buying houses in their 30s, will still be under the burden of home loan debt well into their 60s.
And if that’s not enough to make you want to move back in with Mum and stay there forever; the report also highlighted the rising cost of house prices.
Northern Ireland had the least expensive house prices with an average cost at £115,269 while, unsurprisingly, London stands at the most expensive at an eye-watering £402,692 – an all-time high.
So put away those paint pots and unpack the fairy lights – looks like we’re gonna be stuck in this rented flat for a whole lot longer.
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This article originally appeared on The Debrief.