Variation in Average Age of UK’s First-Time Buyers

The average age of a first-time buyer in the UK is now 30, according to new research from Halifax, but this masks a seven-year age gap among those coming on to the housing ladder.

The youngest first-time buyers are apparently to be found in Carlisle in Cumbria and Torfaen in south Wales, where people take their first step on the property ladder at the average age of 27. Meanwhile, the oldest average first-time buyer is aged 34 in areas including Slough in Berkshire and the London boroughs of Barnet and Ealing.

“Our latest Halifax Generation Rent report found that non-homeowners aged 20-45 would be prepared to save for around five and a half years for a deposit, while the average deposit paid by first-time buyers increased by 13% in 2015 to £32,927,” commented Chris Gowland, mortgages director at Halifax.

“With the youngest average first-time buyer age dropping to 27 in some areas, this is a stark reminder of how early aspiring homeowners should start thinking about what they will need to get onto the property ladder and what options they should consider in order to take their first step,” he added.

The average age of a first-time buyer has risen over time to 30 in 2016 – one year older than a decade ago and two years older than in 1983 when Halifax records began.

Government schemes and the increasing contribution from the Bank of Mum and Dad are likely to have prevented a sharper rise in the average age of first-time buyers, says Halifax.

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