26 Sep

Changes in first-time buyer ages revealed

Changes in first-time buyer ages revealed

There are regional variations in the age of the UK’s first-time buyers reveals lender Halifax.

The average first-time buyer is 30 years of age, with the youngest buyers stepping on to the property ladder in Carlisle and Torfaen in south Wales aged 27, compared to buyers in Slough and Barnet and Ealing who are older at 34.

Overall, the top ten areas with the oldest first-time buyers were all in the south east of England - essentially, because prices are higher and larger deposits are needed.

Chris Gowland, mortgages director at the Halifax, explained: “The majority of areas in the country where the average age of first time buyers is two to three years below the national average of 30 are outside southern England, mostly locations where house prices are typically lower both in monetary terms and in relation to earnings, factors that help to reduce the size of the deposit needed.”

According to the latest Halifax Generation Rent report, non-home owners aged from 20 to 45 have to save for around five and a half years for a deposit, with the average deposit now standing at £32,927.ADNFCR-1222-ID-801825771-ADNFCR

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