Number of first-time buyers doubled last year but half of them had family help

Saving for a deposit was cited as the biggest obstacle to home ownership by 35%, with more than 70% saying they wished they’d started saving earlier.

But the survey also revealed confusion from potential homeowners about how to even start the process.

More than 55% confessed they had no idea where to begin, while 39% didn’t know they had to factor in solicitor’s fees. Nearly half were unaware of stamp duty — or that in some cases they might be exempt.

The average income of a solo first-time buyer has also jumped, rising from £45,900 in 2019 to £50,800 in 2021, while the average household income of those buying jointly grew from £63,800 in 2019 to £70,500 in 2021, down from a high of £72,200 in 2020.

The size of deposits, however, has fallen significantly — with first time buyers stumping up an average of £61,100 last year, compared to £71,400 in 2020. The average monthly repayment was £845, considerably less than renting a room in a central London house or flat.

Claire MacPhail, mortgage expert at Barclays, said the figures painted an optimistic picture of the first time buyer market in Britain since the pandemic.

‘It’s encouraging to see that people have been able to get onto the property ladder in increasing numbers since the start of the pandemic,’ she says. ‘But it’s worrying to hear that many still believe they’ll never be able to afford their first property.

‘Our index points to the importance of first-time buyers being supported by family so it’s essential for lenders to innovate to provide new ways in which first-time buyers can get a head start.

Barclays offers different mortgage options for first-time buyers, including one which allows family or friends to provide 10% of your property price as security, which they’ll then have returned to them with interest.’

The impact of the pandemic is also clear, as the study confirms that many buyers are now looking outside London to find the home they want.

This partly comes because of the change to buyers’ priorities. In a post-lockdown world, more than half of all buyers say a garden is top of their wish list for their new home.

The pandemic is clearly having a lasting impact on home buyers: a garden was top of the list for first-time buyers with 50% saying they wanted their own outside space.

The enduring popularity of new-builds seems likely to stay with the first-time buyer market. As people stretch their budgets, they are keen to find properties that need little or no work.

Just 15% were prepared to take on a property that would need a new kitchen or bathroom, and only 2% were willing to consider significant renovation work.

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