First-time buyers make up 53% of overall property sales in the UK, a figure which is at its “highest in over 10 years” according to research conducted by money.co.uk.
In 2022 there were over 370,000 first-time buyers in the UK, a slight decline from 2021 when they hit their greatest number in over 15 years. The coronavirus pandemic is thought to have played a role in the 35% increase as people had more time to save money during lockdowns.
The research also suggests that as of 2022, the South East had the most first-time buyers, with 73,588, while Northern Ireland had the least with 10,641.
Over the course of the last year, Wales and the South East saw their first-time buyer numbers fall the most, dropping by (12.5%). The East Midlands fared the best, although first-time buyer sales here still dropped by 6.8%.
The average age of a first-time buyer outside London in 2021/22 is 33.4 and the average age of first-time buyers has been increasing for some time. In 2005/06, the average age was 30.6 (outside London) and was as low as 29 in the 1990s, according to new research from Money.co.uk.
In the UK, the average mortgage size for a first-time buyer is currently £198,779. However, that number is “somewhat skewed by the high amounts of borrowing in London and the South East compared to the rest of the country”.
The average mortgage size for a first-time buyer is currently the highest in London (£358,741) compared to the lowest in the North East (£117,518).
Between May 2016 and May 2021, the average price of a home for a first-time buyer grew by 18%, from £178,923 to £210,480.
Money.co.uk revealed that the ratio of home prices to income has steadily increased over the past 20 years and it is currently at its highest point – 5.6, compared to 8.5 for home owners.
