The average age of a first-time homebuyer in the UK has risen to 32. According to a recent report by Halifax, the UK’s biggest lender, the age has risen by three years over the past decade.
Due to rising house prices, on average, first-time buyers are finally getting their foot on the property at the age of 32, compared to 2011’s average of 29 years old.
Average age of first-time buyers
The research by Halifax reveals that the average age is above 30 for every region in the UK. Unsurprisingly, the average age is highest in London, at 33 years old.
That said, this figure has only risen by one year since 2011. But given that 50% of Londoners no longer have any desire to buy a home in the capital, this suggests that many people around this age bracket are simply priced out.
Areas in the north-east and north-west of England have risen by 2 years, at 30 and 31 respectively. In Wales, the average age of first-time buyers rose from 28 to 31 in the past decade.
Because house prices are consistently on the rise, people are waiting longer and longer before they can become homeowners. If you are buying a house this year, our first-time buyer mortgage guide will arm you with knowledge. Prices are up £28,000 since last June, and are increasing faster than average income.
To make things worse, the cost of moving has also risen 12% from last year. Property concierge platform Moveable says that 41% of homeowners in cities plan to move out in the next year to buy a house in the country.
This reflects the huge shift to working from home as we come out of the pandemic. Similarly, 41% of home movers say they are no longer considering commute times when searching for a property.
The difficulty of raising a large deposit, shifting lifestyles and the extreme cost of buying a home are all driving up the average age. Simon Bath, CEO of iPlace Global and creator of Moveable, says ‘as house prices and average age of first-time homebuyers continue to surge, it’s likely that we see buyers venture out of London.’
He believes the priorities of prospective homebuyers have shifted. Now, what they really need in a home are larger and more affordable spaces.
Although the number of first-time buyers grew in 2021 compared to 2020, this will have been in part due to the stamp duty holiday. For many, it’ll be all about saving saving saving…