First-time buyers are saving increasingly larger sums of money towards their purchase, according to data collected by Experian.
The research also shows that 22 per cent of homebuyers said raising funds for a deposit was their largest obstacle when attempting to purchase their first home.
The data shows that 27 per cent of said homebuyers relied on financial aid from family members to acquire enough money – with the average prospective buyer borrowing £7,637 from their families.
The most popular type of mortgage in April for FTBs is ‘interest fixed-term mortgages’, with 75 per cent of all prospective borrowers in the analysis applying for this type of offering.
In contrast,tracker mortgages were searched for by 14 per cent of would-be buyers.
Experian Marketplace and Affinity managing director Amir Goshtai comments: “It is understandable that gathering enough money for a deposit can seem overwhelming for FTBs when you see how much they have to save, while many are reliant on some sort of support from their family to help boost their coffers.
“When people can buy, most are looking at the security of a fixed-rate deal, giving them the assurance of the same monthly payments over the length of the mortgage.”
