The number of UK first-time buyers dropped by 11 per cent in 2022, according to new data from Halifax, as the average deposit required soared to almost £62,500. Average property values for first-time buyers are now around 7.6 times the average UK salary, Halifax said. First-time buyers face average house prices of 10 times the average salary if they want to buy in Westminster or Camden. Nonetheless, the cost of purchasing a home is still significant and saving for a deposit can be challenging for some first-time buyers. 'The length of time needed, and cost of, raising a deposit are likely having an impact on the profile of the average first-time buyer over time.
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