The average age of first-time buyers would be around 35 years old

The average age of first-time buyers would be around 35 years old

Britons in their mid-30s are close to buying a home for the first time.

With home prices at an all-time high, showing no signs of declining, and the age of first-time buyers on the rise, new research from comparethemarket.com forecasts change in the housing market over the next decade, along with advice on which one.

Comparethemarket.com continuously conducts highly relevant studies on the current situation of the property market in the UK and the rest of the world, this, and other interesting studies on the market panorama are available at www.comparethemarket.com.

It’s the best way to make your first home your haven and ensure you have the building coverage and contents in place from the moment you pick up the keys.

Analysis of ONS data from 1992 to 2020, combined with a forecasting model, predicts house prices to increase as follows:

Greater London UK
2021 £465,549 2021 £248,496
2022 £480,951 2022 £256,018
2023 £496,353 2023 £263,540
2024 £511,755 2024 £271,062
2025 £527,157 2025 £278,584
2026 £542,559 2026 £286,107
2027 £557,961 2027 £293,629
2028 £573,363 2028 £301,151
2029 £588,765 2029 £308,673
2030 £604,167 2030 £316,195
2031 £619,568 2031 £323,718

 

By 2031, house prices in the London metropolitan area are projected to rise by a third (33%), while the rest of the UK is likely to see a slight increase of less than 30%. Looking ahead, the UK housing market will see house price increases through 2040. For residents of Greater London, their first home will cost a staggering 63% more than in 2021, while house prices Housing in the UK seems to increase by 58%. Usually.

Comparethemarket.com also looked at the age of buyers for the first time in England since 2006, to reveal how it will increase over the next ten years:

Region 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
London 35.0 35.2 35.4 35.6 35.8 36.0 36.2 36.4 36.6 36.8 37.0
Rest of

England

33.1 33.2 33.4 33.6 33.7 33.9 34.1 34.2 34.4 34.6 34.7

 

         “This is an excellent time for first-time buyers.”

The average age of a first-time buyer in London is 35, but in 2031, buyers could have to wait two more years to jump up the property ladder, averaging 37. The rest of England see an average age increase of 1.6 years, jumping to almost 35.

As climbing the property ladder will be more difficult for Brits, comparethemarket.com also surveyed homeowners4 who bought in the past ten years to find out if their buying habits and priorities have changed.

The most common purchase method remains the same: just under half (47%) have bought their property with their partner, and a half (50%) say they would now do the same. Although now they are less likely to seek financial help from others (9%) compared to 10 years ago (13%). For first-time buyers who received support from their parents or grandparents, they borrowed £ 8,635.14 compared to current buyers who received £ 8,346.15.

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