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

People able to buy homes previously beyond budget, aided by rising wages and looser affordability tests

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.