Analysis of First Time Buyer (FTB) trends have revealed the average age and personal circumstances of FTB’s in the UK. Nationally the average age of a FTB is 33 years 8 months old; meanwhile the number of FTBs who have at least one dependent has doubled since 2009.
The data, which has come from Mojo Mortgages and Santander, reveals the stark reality for home movers as the political parties jostle for votes ahead of next month’s General election. The Conservative, Liberal Democrat and Reform UK parties have all committed to FTB and property market incentives in their manifesto. It has been widely reported Labour will launch a “Freedom to Buy” scheme similar to the current mortgage guarantee scheme for 95% mortgages. The Green party have committed to a policy of creating more efficient housing stock with energy efficiency incentives.
According to Mojo Mortgages, Wales has the youngest FTBs in the UK at 31 years old. London has the oldest at 36 years and 8 months old. In 2022 Office for National Statistics data suggested the average first-time buyer was 36 years of age, an increase of four years compared to 32 in 2004. FTBs in London also have to save three times the deposit of FTBs in the North East; an average of £108,848 against £29,740. first-time buyers in London save the highest deposit (£108,848) which is more than three times the amount those in the North East.
Commenting on the figures John Fraser-Tucker, Head of Mortgages at Mojo Mortgages says
“These figures highlight several financial challenges that first-time buyers in 2024 are facing. “Firstly, a combination of stagnant wages and the cost-of-living crisis has made it harder for buyers to save a deposit due to a lack of disposable income. Higher living expenses, including rent, utilities, and daily costs, make it increasingly difficult to set aside money for a deposit. These obstacles collectively push the average age of a first-time buyer higher, delaying the dream of homeownership for many.”
Separate FTB data from Santander has shown the number of FTBs with dependents now represents one in five buyers. In 2009 10% of FTBs had a least one dependent; by 2023 that had risen to 20%. One in five FTBs are now over the age of 40 with the bank suggesting by that point many FTBs will have started a family or be caring for older parents in their home. Santander’s own data suggests their average deposit needed for a first time buyer is £11,498.
Graham Sellar, Head of Business Development, Mortgages at Santander, commented:
“Buying your first home is one of life’s major milestones. With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder. We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.”
