Average age of first time buyer in UK rises to 35
The average age of a first time buyer in the UK has increased by eight years since the 1960s, new research shows.
The average age when some one purchases their first property is now 35 and over half, 53%, of would be buyers not on property ladder think they will never afford to purchase a home, the research from Post Office Mortgages shows.
Half of 25 t5o 34 year olds need a lump sum or better paid job to fund deposits, the research which tracked the average age of first time buyers since 1960, also found.
Those who purchased their first home in the early 1960s were on average just 23 years old, significantly lower than today’s expected average age of 35. Women who do not yet own a property are slightly more optimistic than men, anticipating to purchase a home at 34, compared to the male expected average of 37 years old.
However, first time buyers with Post Office Mortgages are just 30 years old on average, suggesting that some people may be able to afford to purchase a home sooner than they think.
Half, 50%, of prospective home owners aged 25 to 34 stated they cannot afford the deposit for a home unless their circumstances change, such as receiving a lump sum of money or getting a better paid job.
On a regional basis, would be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way. Some 43% of Londoners stated they could not afford the deposit without a change in their circumstances such as receiving a lump sum from family. This compares to the national average of 37%.
Potential buyers in the West Midlands buck the overall trend as just 22% of people in this region stated raising the deposit is the main barrier. However, 32 per cent of people in this region cited unaffordable mortgage repayments, compared to 12% nationally.
‘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,’ stated Post Office head of mortgages, Mike Cook.
‘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, with first time buyers with the Post Office averaging 30 years old. In fact, so far this year, four in 10 of our customers were first time buyers, demonstrating that it’s possible for many to get on the ladder sooner than expected,’ he explained.
He pointed out that The Post Office now offers a range of products which only require a 10% deposit, which will help people get on the all important first rung.
More source:
Average age of first time buyer in UK rises to 35 | Europe | NewsFirst Time Buyer news
First-time buyers rush to beat stamp duty deadline | Money ...
Bank's Miles warns first-time buyers will be shut out from property ...
Random News
- The Fall Vegetable Garden
- European Austerity Measures 'Polarise Property Market'
- Everyone sharing the pain of higher health costs
- Replacing Carpeting Before a Sale — Market Ready
- Not tonight honey, the cable bill is due
- London 'Most Popular European City' For Real Estate Investors
- How to turn teen girls into financial prodigies
- Toll Brothers' 4Q Earnings Beat Estimates
- Future World
- Refinancing Driving Home Loan Surge
Submited at Wednesday, August 24th, 2011 at 3:00 pm on News by madison
Comment RSS 2.0 - leave a comment - trackback