More than 340,000 people stepped on to the property ladder last year, with new buyers putting down a deposit of just over £61,000 on average, according to figures from Halifax.
The number of first-time buyers rose to 341,068 last year, up 19% compared to 2023, the lender said. First-time buyers made up over half (54%) of all home purchases made with a mortgage last year, the biggest majority on record.
The average first-time buyer in 2024 was 33 years old, two years older than ten years ago and the oldest in two decades. They put down an average deposit of £61,090 and typically paid £311,034 for their first home.
