Kim Kinnaird, Director at Halifax Mortgages, comments on the number of first-time buyers that are joining forces to get on the property ladder.

First-time buyers are joining up to step onto the housing ladder, as almost two thirds (63%) of mortgage completions are in joint names (with two or more people), according to the latest analysis from Halifax.

It's unsurprising the majority of first-time buyer applications are joint, given the increase in deposits over the last decade. First-time buyers put an average deposit of £53,414 down last year, £21,000 more than a ten years ago (+67%). Although the average salary is higher than it was a decade ago, now £43,257 (+30%), getting together a deposit large enough to put down on a first home means raising more than a year’s average pay.

Kim Kinnaird, Director, Halifax Mortgages said: 

Following a record year in 2021, unsurprisingly in view of the wider economic environment, the number of first-time buyers joining the property market fell again in 2023 to around 293,000. Despite this drop, new buyers made up over half of all home loans. However, to get a foot on the ladder most people are now buying for the first time in joint names.

There are a number of schemes available to support first-time buyers, like the mortgage guarantee scheme, which allows us to offer up to 95% mortgages to first-time buyers and has been extended until June 2025. Alternatively, the First Homes scheme offers discounts on new-build homes to first-time buyers, while shared ownership options allow new buyers to purchase some of the property and rent the rest.   

The overall fall in house prices we saw in 2023 will go some way to helping people get on the ladder for the first time – but these buyers are still dependent on a steady supply of properties in their price range, while they are faced with the continued pressure of saving for a deposit, when rent and living costs are high.

Full release: Almost two thirds of first-time buyers teaming up to get on property ladder

Press contact: Ellie Morris, Lloyds Banking Group, 07788 352 541 / ellie.morris@lloydsbanking.com