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