HomeOwners Alliance logo

Become a member today to access our home helpline, discounted conveyancing, expert advice & legal service

  • Become a member today - benefits include:
  • Exclusive members property helpline
  • Discounted conveyancing and free legal advice
  • Save time and money with your move - JOIN TODAY

First-time buyers still can’t get on the housing ladder despite surge in mortgages

Bank of mum and dad relied upon to raise a deposit

One in five first-time buyers are still having to turn to relatives for help in getting a deposit despite the number of available mortgages rocketing in recent months. There are now 360 mortgages for first-time buyers who have a deposit of between 5 and 10 per cent. This is an increase of a fifth since last year, and is more than 3 times as many compared to three years ago.

According to Halifax, Britain’s largest mortgage provider, the average house price for first-time buyers is £122,389, meaning that about £12,000 needs to be raised as a deposit.

Pricedout, a campaign group for first-time buyers, says that until house prices return to more affordable levels then many aspiring homeowners will remain stuck in the renting trap. Spokesman Duncan Stott says: ‘There may be greater mortgage choice, but with more cautious bank lending and house prices still ridiculously high, buyers are simply stuck.’

Leave a comment

* required

No Comments

No comments yet.

Become a member today

Become a member of the HomeOwners Alliance:


✓ To Ask an Expert
✓ Access our Home Helpline
✓ Free Legal Advice Line
✓ Fee free mortgage advice
✓ Discounted conveyancing
✓ Unbiased advice

Join today >

Sign up to our FREE weekly newsletter

for the latest news, advice and exclusive money saving offers