The average UK first-time buyer is 34 with a salary of £35,900 and deposit of £24,500, according to new research from the Mortgage Advice Bureau (MAB). First-time buyers made up 67% of all borrowers who purchased a property in the last year, which MAB says ‘underscores the critical role’ they play in the housing market.
According to the research, first time buyers actively saved an average of £585 per month, building on initial deposit savings of around £24,500, with the aim of purchasing a property valued at £226,900. Just under half (47%) were purchasing a property alone in 2024. And, although 97% were in full-time employment, 43% had to leverage additional income on top of their salaries to support their homeownership goals.
Around a third of first time buyers (31%) have dependents, indicating that family needs are a consideration in their property search.
The figures differ slightly across the regions, with London first-time buyers older at 36, earning more (£51,000), with larger deposits (£37,000) and saving more every month (£760). However, the properties they’re saving for also cost significantly more than the UK average, at £340,600. Fewer reported having dependents (16%) and more were buying alone (65%).
In the rest of England, prospective buyers (74% of which are first time buyers) largely mirror national trends – although with slightly lower incomes (£34,400), deposit sizes (£23,800) and expected property prices (£220,300) compared to the overall UK average.
Scottish first time buyers (66% of the regional dataset) are typically aged 35, with an average income of £37,200, and are buying properties at an average price of £196,500. A higher proportion of borrowers are buying alone (58%) and have fewer dependents (23%).
‘Given the lower average property prices in Scotland, this implies that borrowers on higher incomes won’t need to stretch as far financially to get on the property ladder’, MAB said.
“This also attests to the higher average age in Scotland, where borrowers may have had more time to accumulate savings, establish careers, and reach a point of financial independence where buying alone becomes viable.”
Welsh first time buyers (70% of the regional dataset) are the youngest at 33, with slightly lower incomes (£35,300), stronger saving habits (£740 per month) and the highest proportion of dependents (37%). ‘This suggests their homeownership goals are more family-focused’, MAP said.
“Although average incomes are slightly lower in Wales compared to the rest of the UK, the cost of living can also be generally lower, meaning that a larger proportion of their income can be allocated to savings. Notably, 54% of first time buyers in Wales leveraged additional income – the highest across all regions.”
Aspiring first time buyers in Northern Ireland (80% of the regional dataset) navigated the market with the lowest average income (£29,900), purchasing the most affordable properties (£177,500) on average (in line with historical house prices across the UK). Despite lower monthly savings (£390), they amassed a relatively higher initial deposit of £28,000.
Rachel Geddes, MAB’s strategic lender relationship director, commented:
“The first time buyer market is certainly multifaceted in nature, and our research only goes to underscore that. Just as there is no such thing as a typical first time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.
“However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain. The average age of a first time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more. Understanding these trends is crucial for the policymakers, lenders, and service providers who are looking to support this crucial segment of the UK housing market.
“That being said, the future’s looking bright. Demand remains high, and with an increasing number of lenders enhancing their affordability criteria and offering innovative borrowing solutions, there’s never been a better time for aspiring buyers to get on the property ladder. With a wealth of opportunities at their fingertips, this is where the expertise of a broker comes into its own, helping customers get mortgage ready with a deal that aligns with their financial and personal goals.”
The data was collected from 4,533 users of MAB’s Home Buying and MyMAB apps, sourced between January 2024 to December 2024.
One Response
I suspect half the difficulty is, because it takes longer to save for a deposit and get the income needed to buy a house, first time buyers are buying at a later age. At a later age, first time buyers won’t want 1 bedroom or 2 bedroom starter homes, they may well be thinking of 3 and 4 bedroom homes to meet family circumstances. After all, if they are buying later in life, they may have children. I think a way has to be found to get first time buyers on the ladder at a younger age buying up smaller properties. Start building up equity, start building up credit ratings so when they move on to bigger houses, the jump in mortgage payments and deposit is reduced.