The number of first-time buyers that stepped onto the property ladder hit 341,068 last year, an increase of 19%, compared to the previous 12 months, Halifax data reveals.

The report found that FTBs made up 54% of all home purchases made with a mortgage last year, which is the biggest majority on record.

The average FTB in 2024 was 33 years old, two years older than 10 years ago and the oldest in two decades.

FTBs put down an average deposit of £61,090 and typically paid £311,034 for their first home.

Almost two thirds, or 62%, of mortgage completions last year were in two or more names, however, 38% of buyers started on the property ladder on their own, a 1% increase from 2023.

Last year, the average cost of a FTBs home was £311,034, up 8% compared to 2023, with deposits averaging 20% of the purchase price. A typical new buyer put down a deposit of £61,090, a 14% rise compared to 2023.

All regions and nations saw growth in the number of buyers getting on the housing ladder.

East Anglia and the South West experienced the largest increases, with 22% more FTBs than in 2023.

When looking over the last decade, almost all regions saw an increase in the number of FTBs, with Northern Ireland growing 25% and Wales rising by 20%.

London was the only exception, with 8% fewer FTBs than 10 years ago.

Meanwhile, the average age of a FTB has increased to 33 years old in 2024, up from 32 years old in 2023.

The average person buying a first home is now 31 years or older in all UK regions and nations.

Halifax head of mortgages Amanda Bryden says: “Last year saw a big increase in the number of first-time buyers, up almost a fifth from 2023. This likely reflects an improvement in mortgage affordability, as interest rates eased and stabilised, providing more certainty for those stepping on to the ladder.”

“Many are still teaming up to make the numbers work, with most buying homes jointly. This makes sense given the average deposit of £61,090 and an average starter home price of £311,034, which can be a stretch for those with a single income. It’s not surprising the average first-time buyer is now 33 years old, the oldest in the last two decades.

“Despite the challenges of saving for a deposit and rising house prices – up 8% in 2024 – it’s encouraging that first-time buyers still account for more than half of all new mortgages, the biggest majority ever recorded.”