The average age of the first time buyer within the UK continues to increase within the UK with new research from Post Office Mortgages showing that
the average age that a prospective homebuyer expects to be before joining the property ladder has hit 35. The upward trend seen since the 1960s (where average first time buyers were 23) has continued to rise, although suitable and affordable mortgage deals continue to remain on the market through a mortgage broker.
It has emerged that women who do not yet own a property within the UK are more likely to find their home first, with the average age for a female first time buyer now at 34. however, a rise in the average age for male first time buyers hitting 37 has increased the overall average, as over half (53%) of would be buyers within the UK aged between 25-34 feeling that they will never be able to afford their own property.
Further figures have shown that exactly 50%of potential borrowers are unable to fund a deposit for their home unless their circumstances change, with those in London having the most difficulty when it comes to raising a deposit within the UK. However, would be buyers within the West Midlands seem able to find a deposit for their potential home, with only 22% finding difficulty in obtaining the initial funds. However, 32% of people within the region have cited unaffordable mortgage repayments as their main barrier to finding their first home, compared to a national average of about 12%.
Post Office head of mortgages, Mike Cook, said “Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. And some may be deterred by their perception of high mortgage repayments. But there are very competitive options available for people who are keen to own their first home and prospective buyers may not have to wait until they are 35 to take this step.”
Today’s news has shown that despite the average first time buyer age increasing throughout the years, suitable and affordable mortgage deals are available for the right client. Whether you’re looking to purchase your first property or not, the mortgage broker and mortgage lenders throughout the UK will judge cases purely on affordability of mortgage payments.