In the UK, the average price for their first-home has hit a record high at £207,693. As well as nearly half of all buyers of homes are first-time buyers. Within the first six months of 2017, the number of first-time buyers are at 162,704. This is only 15 percent below the peak of 2006.

On average £33,000 are needed for deposits for first-time buyers.

London we see even worse housing increases at an average deposit for first-time buyers at £106,577.

Northern Ireland is hitting the lowest spot at an average of £16,457 of deposits, Wales at £17,193, and Scotland £21,565.

Like our Help-to-Buy scheme in Ireland with tax rebates of up to 20,000 euro, the UK has a program similar. Their Help-to-Buy scheme with the low mortgage rates gave first-time buyers a push to buy. That could be a reason first-time buyers almost hold a majority of the market currently. Since the start of the Help-to-Buy in the UK, the proportion of first-time buyers to non-first-time buyers has grown 44 percent.

With the number of first-time mortgages rising, the length of the loan they are receiving are also becoming longer. In 2007, 38 percent of first-time buyers were 38 percent now it is around 56 percent in 2016.

The first-timer buyers make up a majority of the UK’s mortgage market currently. Like in Ireland, the numbers for first-time buyers is increasing substantially. With the review of the Help-to-Buy scheme coming up, paying attention to how a similar scheme has affected another country is important.

In reference to First-time buyers need ‘£33k deposit’ by Alison Churchill on Swindon Advertiser.