The number of first-time buyers on the UK property market hit a seven-year high in 2014, increasing by 22 percent to 326,500, according to the latest figures from Halifax.The average price of a house bought by first-time buyer also increased by 9 percent to GBP 171,870.
“First-time buyers are vital for a properly functioning housing market. Improving economic conditions and rising employment levels have boosted confidence among those thinking about getting on to the housing ladder for the first time, contributing to the significant increase in the number of first-time buyers in the past two years,” Craig McKinlay, the mortgages director at Halifax, was quoted as saying by the UK Guardian.
