According to data from Your Move and Reeds Rains, this year in May saw the lowest percentage for three years of first time buyers completions.
The number of First time buyers completing property in May, fell by over 18% compared to the same month last year. There were 22,000 transactions in May 2015, which is almost a fifth lower than May 2014’s figure which 27,100.
The May 2015 total was also 0.9% lower than the previous month.
The agents say that on top of the uncertainty surrounding the election, first-time buyers were fronting the need for growing deposit amounts. The average deposit for a first time buyer in May was £25,134, up 1.7% on the previous month and 4.2% higher than a year ago.
The average deposit as a proportion of income also grew in May, reaching 64.4% of average income.
Agents’ spokesman Adrian Gill says “Many first-time buyers are still on tight monthly incomes, struggling to save while savings rates stay so low. Meanwhile, deposits are rising primarily as property prices continue their seemingly unstoppable upwards march”. He claims this is “wholly due” to a lack of housing supply in comparison to the demand.