Estate agent comparison site, GetAgent.co.uk has revealed that the nation’s first-time buyers accounted for £86.1bn worth of property market value in 2021, increasing by £27.3bn in a single year. 

The research shows that: –

• Across Britain, some 397,232 first-time buyers entered the market in 2021, up from 295,390 in 2020. That’s over 100,000 more first-time buyers in a single year, with the South East seeing the largest increase at 24,416.

• The average price paid for a first home also climbed from £199,251 in 2020 to £216,836 in 2021, a 9% increase.

• As a result, the total market value of Britain’s first-time buyers in 2021 sat at just over £86.1bn, up by a staggering £27.3bn versus 2022. 

• London’s first-time buyers accounted for just shy of £25bn in market value last year, up by £9.9bn on the previous year. 

• While the North East was home to the lowest level of FTB market value, they still accounted for £2.3bn in homes sold, up £717m in a single year. 

You can read the full release below but for any further info, comment or regional data, please get in touch. 

James Lockett

M: 07584 248960

T: 0207 856 0185

E: [email protected]

ProperPR

100k increase in first-time buyers as they spend £27.3bn more in 2021

Estate agent comparison site, GetAgent.co.uk has revealed that the nation’s first-time buyers accounted for £86.1bn worth of property market value in 2021, increasing by £27.3bn in a single year. 

GetAgent analysed data from Halifax the number of first-time buyers transacting across the market, comparing this to the average price paid based on Land Registry data, to reveal the total market value accounted for by those taking their first step onto the property ladder. 

The data from Halifax shows that across Britain, some 397,232 first-time buyers entered the market in 2021, up from 295,390 in 2020. That’s over 100,000 more first-time buyers in a single year, with the South East seeing the largest increase at 24,416, followed by London (18,717) and the North West (8,698).

The average price paid for a first home also climbed from £199,251 in 2020 to £216,836 in 2021, a 9% increase, with Wales seeing the largest jump at 12%. 

As a result, the total market value of Britain’s first-time buyers in 2021 sat at just over £86.1bn, up by a staggering £27.3bn versus 2022. 

London’s first-time buyers accounted for just shy of £25bn in market value last year, up by £9.9bn on the previous year. 

The South East also saw the market value accounted for by FTBs climb by more than £8bn, totalling £24bn in 2021. 

In the South West, FTB market value totalled £7.6bn, with the North West (£6.5bn) and the West Midlands (£6.2bn) also home to some of the most valuable first-time buyer property markets. 

While the North East was home to the lowest level of FTB market value, they still accounted for £2.3bn in homes sold, up £717m in a single year. 

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“Despite house prices climbing to record new heights during the pandemic, the number of first-time buyers entering the market has climbed significantly on an annual basis and the overall level of market value they account for is huge, to say the least.

Of course, this greater demand has pushed the cost of buying even higher but it’s clear that the aspiration to own our own homes remains strong, even in today’s generation who have become more normalised to long term renting. 

This bodes well where the ongoing health of the housing market, as it suggests that there is little sign of the buyer demand hopper running low anytime soon. With the level of new housing stock also failing to keep up, property values should remain buoyant, even if we do see the odd adjustment every now and then.”

Tables shows the number of FTBs in both 2020 and 2021, the average price they paid and the total market value they accounted for and the year on year change of this total market value. First-time buyer numbers sourced from HalifaxFirst-time buyer specific house price data sourced from the Gov.uk UK House Price Index

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Notes to Editors:

• GetAgent pulls data from all of the major portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents.
• GetAgent is a UK wide whole of market estate agency comparison website. Analysing performance through data to inform home sellers of the best agents.
• Founded in 2015 by Colby Short (Stevenson Cartwright; SMG Worldwide) and Peter Thum-Bonanno (Find Properly; Analysys Mason)
• Backed by Seedcamp, the prolific venture capital technology investor
• And has to date received over 100,000 enquiries for agents from property sellers to a total property value of £30bn and are now serving over 10,000 enquiries per month.