First-time home buyers in Northern Ireland needed an average deposit of nearly £38,000 in 2024 to get on the property ladder, new bank analysis shows.
And the age profile of that first-time buyer has risen from aged 30 to 32 in just a year, the Halifax research also reveals.
Across the UK as a whole, there were 341,068 first-time buyers last year, up nearly a fifth (19%) compared with 2023 (though still below the 369,870 figure recorded in 2022).
In Northern Ireland, the average deposit the first-timer had to stump up last year was to £37,898 buy a home valued at £194,323 typically.
The year before in the north, the corresponding figures were £32,197 (deposit) and £175,382 (typical house value).
At a regional level, the Shetland Islands have the youngest average first-time buyer at 27. At the other end of the scale, Slough in Berkshire and Sutton, south London, have the oldest first-time buyers at 38 - five years above the UK average of 33.
Halifax said first-time buyers made up more than half (54%) of all home purchases made with a mortgage last year.
Nearly two-thirds (62%) of mortgage completions last year were in two or more names, with 38% starting on the property ladder on their own.
Amanda Bryden, head of mortgages at Halifax said: “Last year saw a big increase in the number of first-time buyers, up almost a fifth from 2023. This likely reflects an improvement in mortgage affordability as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder.
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“Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit of £61,090 and an average starter home price of £311,034, which can be a stretch for those with a single income. It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.
“Despite the challenges of saving for a deposit and rising house prices - up 8% in 2024 - it’s encouraging that first-time buyers still account for more than half of all new mortgages.”
The research was based on data from the Halifax’s own housing statistics database, figures from trade association UK Finance and official earnings data.
Ms Bryden added: “Looking ahead we expect modest house price growth in 2025, but upcoming stamp duty threshold reductions won’t make things any easier in the short term for first-time buyers.”
The “nil rate” stamp duty band for first-time buyers will reduce from £425,000 to £300,000 from April 1 in England and Northern Ireland.
