Summary
New research shows that the average age of a first-time homebuyer in England has increased to 34, compared to 29 in the mid-1990s. The study highlights growing challenges for young people trying to buy homes, such as needing two incomes, larger deposits, and longer mortgages.
Key Facts
- The average age of first-time buyers in England is now 34.
- In the mid-1990s, the average age was 29.
- Only 6% of first-time buyers are under 25, compared to 25% in the 1990s.
- More than half of first-time buyers need two incomes to purchase a home.
- First-time buyers often require larger deposits, around a tenth more than an average salary.
- Large portions of deposits come from family gifts and inheritance.
- More than half of first-time buyers are committing to mortgages of 30 years or more.
- The most and least affordable home areas in Great Britain vary significantly, with Scotland having many affordable spots and London having the least affordable.
