5 year high of first-time buyers in 2012

The number of first-time buyers entering the property market in Northern Ireland and the rest of the UK reached a five year high in 2012, according to a new report by Halifax.

There were approximately 216,000 house purchases completed by first-time buyers in 2012, up 12 per cent on 2011, and the highest amount since the implosion of the property market in 2007. The figure is still however 50% down on the number of first time buyers who entered the market in 2006.

The National average house price for first-time buyers in 2012 was £139,921, though there is a significant regional difference throughout Northern Ireland and the rest of the UK - first time buyers in the Greater London area paid on average £251,096 for their first home, while the lowest average amount was £99,506 in the North of England.

The report says that the average age of the first time buyer went up by one year compared to 2011 - from 29 to 30 years-old. The average deposit put down by first time buyer was £27,984, though this is somewhat distorted by the regional variations in house prices.

If you are considering a house purchase, sale or remortgage in Northern Ireland and want to speak to a property solicitor, contact Wilson Nesbitt in Belfast or Bangor by calling 0800 840 9290.

To view more articles on the Northern Ireland property market click here.