First-time buyers (FTBs) in the UK accounted for £86.1bn worth of property market value in 2021, an increase of £27.3bn compared to the previous year, according to research from comparison site GetAgent.

Across the UK, 397,232 FTBs entered the market in 2021, up from 295,390 in 2020.

The South East was the region with the largest increase, with 24,416 FTBs, followed by London which had 18,717 over the year.

The average price paid for a first-time home also increased 9% from £199,251 in 2020, to £216,836 in 2021.

Average prices paid in Wales spiked 12%.

“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,” says GetAgent founder and chief executive Colby Short.

“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,” he adds.

Last year, FTBs accounted for just under £35bn in market value, up by £9.9bn in 2020.

The number of buyers entering the marketplace also increased across the South East, South West, and North East.

FTBs accounted for £24bn of market value in 2021 across the South East, a £8bn jump on the previous year.

The North East had the lowest level of FTB activity, though they still accounted for £2.5bn in homes sold, up £717m from 2020.

“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,” adds Short.

According to research published recently by Tembo, 48% of FTBs rely on a family member for some sort of financial help when buying their first property.