The following statistics were released by Halifax Bank of Scotland
There were an estimated 320,000 first-time buyers (FTBs) in 2005, the lowest annual total since 1980. The number of FTBs last year was estimated to be 10% lower than in 2004 (358,000) and 40% lower than in 2002 (532,000).
Halifax research found that a typical FTB was unable to afford the average house in 85% of towns in the UK in 2005 (439 out of 514), compared to 78% of towns (402 out of 514) in 2002. 97% of areas were unaffordable in London and also the South West in 2005. The most affordable towns were in Yorkshire and the Humber (24%) and the North of England (23%).
Halifax research also found that the typical FTB was unable to afford a semi-detached property in 87% of the towns surveyed in 2005 (424 out of 486), compared to 41% of towns (199 out of 486) in 2002. Terraced properties were unaffordable for FTBs in 50% of towns in 2005 on this basis compared to 28% of towns in 2002.
The average age of a FTB has risen in recent years and now stands at 33. The proportion of those aged 25 and under buying their first home remains low, at just 15% of FTB home purchases. In 1995, 24% of FTBs were younger than 25.
Source Halifax National House Price Index Report January 2006