The average age of first time home buyers is increasing
We know that the property market is incredibly difficult to get on to with higher mortgage rates and struggling to save enough for high deposits. The age for first time home buyers is increasing and people are having to wait longer and spend longer saving and scraping before they can afford to buy their own house.
Due to the cost of living not only are mortgage rates harder to aim for, utilities, food and other living costs make it hard for first time buyers to save enough to move with 53% of renters citing 'affordability' as the main reason for them not planning to buy a house in the next 5 years.
Is there a lack of hope?
Average age for…
Mojo Mortgages has revealed that the average age does also vary depending on the region but the national average for first time home owners is now 33. The region can make a significant difference with location being a large factor in the price of a home. London will always be the most expensive place to live with high demand and not enough supply.
Since 2011 the average age has increased by 3 years showing just how much the prices for mortgages and deposits has risen.
Wales
The average age is 31 with those saving for a 22% deposit of £36,350 securing a mortgage of £165,580.
North East
For the North East of England the average age is 32 with a 14% deposit of £29,740. This is the cheapest average deposit.
North West
North West average comes to 32 years old as well but with a 17% deposit of £35,581.
London
Now, of course London comes at the top with the age of 36 and those saving £108,848, around 4 time more than those in the North East. Those in London aren’t expected to be mortgage free until they are 66 and those in other regions will most likely have to wait until their 60s too.
West Midlands
The average age of 32 years and 11 months in the west midlands as they obtain a 18% deposit and an average mortgage total of £198,794.
South West
Average age of 33 with a 21% deposit and a total mortgage total equalling, £224,833.
South East
Average age of 34 with a 20% deposit and a total mortgage cost of £294,649.
This perhaps proving that buying a home in the south will cost more and will have you waiting longer than the Northern regions.
