TSB reveals a third of all first-time buyers received a gift as part of their deposit

• TSB records 29% increase in first-time buyers (FTBs) in first six months of 2024¹
• Average age of FTBs in UK largely static, but TSB finds big regional variations
• Southwest average age of FTBs - up 2.2% to 31 years. Wales down 4.5% to 30 years
• TSB shares regional breakdown of first-time buyer completions across the UK (Tables in notes to editors)

TSB reveals that a third (33%) of all first-time buyers used a gift as part of their deposit to get on the property ladder.

TSB also recorded a year-on-year increase of almost a third (29%) of first-time buyers entering into the market. Total completions at TSB increased by more than a quarter (27%).

Overall, first-time buyers accounted for a third (31%) of all mortgage completions at TSB, with the average age remaining at 31, but with a 0.2% drop.

However, there were significant variations in the age of first-time buyers across the UK – with Wales decreasing by 4.5% to 30, down from 31. This was followed by the North, down 3% to 29, and East Anglia, down 2.9% to 30.

In terms of increases, the South West recorded a 2.2% increase, up to 31. London 1.9%, up to 33, and Scotland (1.5%) and 31 years followed. (Full table in notes to editors).

During the first half of 2024, the largest proportion of TSB’s first-time buyers were in the South East of England (17%), followed by the North West (13%) Scotland (12%), and London 11%.

Roland McCormack, TSB’s Mortgage Distribution Director said:

“We continue to see a significant increase in first-time buyer activity driven by a desire to own their own home and continued challenges in the rental market. A large number of first-time buyers rely on family support to enter the housing market with one in three deposits being funded by families.

“Following the recent rate reduction, we’d encourage hopeful homeowners to keep saving up money for a deposit, monitor rates and consider getting a mortgage in principle, so as soon as you spot a property you like, you’re ready to make an offer.”

Notes to Editors

^{1 All data is TSB customer data that relates to H1 2024 vs H1 2023}

First-Time Buyer average age (years) Regional Distribution

TSB’s regional First-time Buyer completions and overall mortgage completions data:

• TSB offers a range of mortgages for first-time buyers, see details here and also offers concessionary arrangements to help tenants buy from their landlord.