Average First Time Mortgages

The average first time mortgage has increased to 173% over the past ten years. In 1996 the average first time buyer mortgage was £39,811 it is now £108,917. If this continues at the same rate a first time buyer’s mortgage will be around £200,000 by 2012.

Between 1996 and 2006 the average loan for all buyers rose 169.5%. Prices were £44,000 in 1996 and are now £118,563.

First time buyers wanting a mortgage now need to earn over £40,000 but this could rise to £66,806 by 2012.