The average age of first time buyers in the UK is continuing to rise and has recently hit the 30 years’ mark. The continually rising prices of houses means that younger people, who are already facing huge rental prices, are being priced out of the market and it takes them even longer before they can afford to put down a deposit on a house. What is particularly interesting though is that it depends on where you live in the country.
The youngest first time buyers tend to live in the north of England, whilst for those who live in the wealthier parts of the country they could be waiting up to seven years longer. In Slough and in the London boroughs of Barnet and Ealing, the average age of a first time buyer is a whopping 34! In contrast, the best place for first time buyers appears to the be the north and Wales. Carlisle in Cumbria and Torfaen in south Wales are the best places for first time buyers due to the much smaller asking prices. The average age in these places is 27.
In terms of regions it is London and the South East that has the highest waiting times for buying houses, whereas Yorkshire and the Humber and the North East of England have the shortest waiting times. In Northern Ireland, the average age is a fairly high 31 and in Scotland it is 30. In 1983 the average age for a first time buyer in London was just 28. The market needs to be aware that this is going on as it is causing an entire generation to be poorer.
A typically priced home in the UK can now set a buyer back from than £215,000 meaning that a hefty mortgage usually has to be negotiated with a lender, at a time when young people are pushed heavily in terms of earning lower wages and having higher living costs. The cost of rent is the severe issue for most which disables them from being able to save anything at all most of the time.
There is some good news though for first time buyers. Compared with a year ago, prices are slowing down in terms of rises. They only rose 5.8% in the last year, compared with rises of 10% which was the figure 6 months ago. Nonetheless, this generation faces immense difficulties and it would be no surprise if the average age continued to rise as time goes on.
If thinking about purchasing for the first time, check out how much previous house have sold for here: https://searchlocation.co.uk/find-house-prices/