It can seem impossible to save enough money to get onto the property ladder, so it isn’t too surprising that the typical first-time buyer in Worcester is getting older and older. As experts in the property industry, the team here at Shelton & Lines has seen how the age of first-time buyers has gone up over the years. So, here’s our insight into the changes.
Increases Over The Last Decade
Currently, first-time UK buyers are around 32 years old. That’s three years older than they were a decade ago. Every UK region has reported an increase in the typical age of first-time buyers, and there is now nowhere in the UK that has an average first-time buyer age of under 30.
Why Are First-Time Buyers Getting Older?
Of course, any guesses about why first-time buyers are getting older are purely speculative, but it seems clear that stagnant salaries and increasing house prices are the most likely causes. Furthermore, mortgage lenders are now more cautious about how much they’ll lend and to whom these days, so it isn’t surprising at all that there has been such a dramatic age increase.
How Old Are First-Time Buyers In Other Countries?
Although 32 years old may sound quite late to be buying a property for the first time, in fact, there are other countries worldwide where first-time buyers are significantly older. While people in Iceland and Belgium tend to make their first home purchase at just 27, in Switzerland, first-time buyers are around 48!
How Many First-Time Buyers Does The UK Have?
Since 2009, there has been a doubling in the amount of UK first-time buyers. Most recent reports have shown over 409,000 first-time buyers compared with just 193,940 just over a decade ago.
How Much Do First-Time Buyers Typically Spend On A House?
Between 2020 and 2021, the average cost of a property for a first-time buyer went up by 3% to £263,140 from £256,057. Most interestingly, the amount required for a deposit decreased in the same time period by 6%, widening the gap between purchase prices and deposits – the average first-time buyer deposit now costs around £54,000.
Since there is a significant disparity between house prices and earnings, it isn’t surprising that affordability has decreased over the past ten years in almost every local authority area, with one area in London reporting an affordability deterioration of 108%! Some of the most affordable places to purchase in the UK are in Scotland, with Clackmannanshire having a price-to-earnings average ratio of 3.
Can I Afford To Buy My First Home?
If you’re a prospective first time buyer looking for an affordable home in Worcester , don’t hesitate to give the team at Shelton & Lines a call on 01905 616330. We will give you expert advice and help you find the ideal first home for you in our area.
Kind regards
Dawn