First-time buyers 'putting down bigger deposits'

01-Apr-2008

The average deposit put down by first-time buyers has increased by two-thirds since October last year, according to new research.

Conducted by Leadbay, the research also indicated that the average age of first-time buyers has increased from 29 to 31 over the same period.

According to the data, deposit amounts requested by first-time buyers rose some 66 per cent, from £16,824 to £28,012.

Commenting on the findings, Toby Hughes, innovation development manager at Leadbay, says: "Borrowers with bigger deposits are obviously now coming to the market taking advantage of the current buyers' market."

The group has said that brokers should remain positive as there is still a high proportion of first-time buyers in the property market.

Mr Hughes pointed out that first-time buyers "offer great return" to the mortgage adviser as they are open to a wide range of other products such as life assurance and "have great potential lifetime value".

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