Average age of FTBs rises to 30 - Mortgages - News - Moneyfacts

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Average age of FTBs rises to 30

Average age of FTBs rises to 30

Category: Mortgages

Updated: 11/04/2012
First Published: 11/04/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The average age of a first time buyer in the UK has increased to 30, although there are widespread differences across the nation.

Research by Clydesdale and Yorkshire Banks found that the average age that people buy their first homes is currently 30.

The age at which homeowners take the plunge varies greatly from region-to-region, however, with the youngest first time buyers being found in Yorkshire, where the average age is 28.

By contrast, Wales has the oldest first time buyers, with an average age of 36.

Unsurprisingly, the pricey housing in the South East means that first time buyers in the region have to wait a few years more than the national average, with the first home being snapped up at the grand age of 34.

It is a similar story in the English capital – and the most expensive location to buy in the UK - with first time buyers in London having to scrimp and save until they hit 33 before they can afford to buy a home.

Steve Reid of Clydesdale Bank said there was still a commitment to first time buyers in the UK , with providers launching a number of new deals aimed at buyers with just a 5% or 10% deposit.

First time buyers were recently hit by the end of the stamp duty holiday, which had previously meant they didn't have to pay a 1% tax on properties worth between £125,000 and £250,000.

Figures show that there was a rush of buyers in the first three months of this new year, as they looked to dodge the soon-to-be-reinstated levy.

It is hoped that the Government's NewBuy scheme will attract potential buyers back to the market.

The initiative will help around 100,000 buyers to purchase newly built homes with small deposits.

Find the best mortgage for your first home - Compare first time buyer mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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