Average mortgage for UK first-time buyer hits record high of £210,800

First-time buyers accounted for 20% of all spending in the UK housing market in the year to September, Savills says. Photograph: BMD Images/Alamy

First-time buyers are taking out larger mortgages than ever before as rising wages and looser affordability tests allow them to buy properties that were previously beyond their budget.

The average first-time buyer borrowed £210,800 in the year to September, a record high, according to analysis by Savills, the property agent.