The average first-time UK buyer is now over 30, says Halifax
According to Halifax, London is the city with the highest average first-time buyer age, 33.
Halifax, the UK’s biggest mortgage lender, said the national average for first-time home buyers had risen to 32 in 2021 from 29 a decade earlier, and was above 30 for every region.
The average age to join the property ladder in Britain has risen to over 30 in all regions of the country, as rising house prices mean first-time buyers have to save for longer before they can pay their own house.
Despite a record year of growth in first-time buyers, up more than a third compared to 2020, he said rising median home prices meant waiting longer to become a homeowner than in generations. previous.
The median age remains the highest in London, at 33, although it has only increased by a year in the last decade. Other regions have seen a steeper rise, including a three-year jump in Wales to 31, and a two-year jump to 30 and 31 in the North East and North West of England.
Esther Dijkstra, director of mortgages for Halifax, said the difficulty of getting a deposit, rising property prices and changing lifestyle factors were pushing back the date people bought their first home.
“Over time, more people have chosen to continue with higher education, travel, or move around for work, which are all factors in the rising age of first-time buyers,” she said.
“However, without a doubt, the biggest drivers are the cost of homes and the need to save a significant deposit to get on the housing ladder. In 2021, the rise in the average house price to £264,140, combined with difficulties in getting a deposit, meant that the gap between purchase price and deposit widened in all UK regions.
Halifax said the number of people buying their first home rose at a record pace in 2021, rising 35% to 409,370, the biggest jump on record dating to 2006, despite rising property prices.
Dijkstra said it was clear that the government’s stamp duty exemption (which applies in England and Northern Ireland) had increased the availability of first rung homes as others moved up the property ladder. First-time buyers have already benefited from complete relief when purchasing a home worth up to £300,000 and a reduced rate of up to £500,000.
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