The average age of a first time buyer in the UK has increased by 8s since the 1960s, new research shows.
According to the research firm Post Office Mortgages the average age when someone buys their first property is now 35 and over half, 53% of would be buyers not on property ladder think they will never afford to buy a home,
Half of 25 t 5o 34 year olds need a lump sum or better paid job to fund deposits, the research which tracked the average age of first time buyers since 1960, also found.
Those who bought their first home in the early 1960s were on average just 23 years old, significantly lower than today's expected average age of 35. Women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.
On a regional basis, would be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way. Some 43% of Londoners said they couldn't afford the deposit without a change in their circumstances such as receiving a lump sum from family. This compares to the national average of 37%t.
Potential buyers in the West Midlands buck the overall trend as just 22% of people in this region said raising the deposit is the main barrier. However, 32% of people in this region cited unaffordable mortgage repayments, compared to 12% nationally.
According to the research firm Post Office Mortgages the average age when someone buys their first property is now 35 and over half, 53% of would be buyers not on property ladder think they will never afford to buy a home,
Half of 25 t 5o 34 year olds need a lump sum or better paid job to fund deposits, the research which tracked the average age of first time buyers since 1960, also found.
Those who bought their first home in the early 1960s were on average just 23 years old, significantly lower than today's expected average age of 35. Women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.
On a regional basis, would be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way. Some 43% of Londoners said they couldn't afford the deposit without a change in their circumstances such as receiving a lump sum from family. This compares to the national average of 37%t.
Potential buyers in the West Midlands buck the overall trend as just 22% of people in this region said raising the deposit is the main barrier. However, 32% of people in this region cited unaffordable mortgage repayments, compared to 12% nationally.
No comments:
Post a Comment