First Time Property Buyers in UK likely to be aged 35..!

First time property buyers in the UK are likely to be aged about 35 before they can afford to buy their first home, research published on recently revealed.

 1 in 3..!

According to the research from Post Office Mortgages,  Almost 1 in 3 can not afford a deposit, nearly 1 in 5 say no stamp duty for first time buyers would help them get on the ladder & 47 per cent expect it will take 10 years or more to save a deposit for their first property. 

Mr. John Willcock, Head, Post Office Mortgages said, ''  Would be buyers living in the South East & South West have most difficulty with raising a deposit, with 65 per cent and 56 per centrespectively anticipating it will take 10 years or more to raise a deposit. Meanwhile, 47 per cent of Londoners say it will take them much longer to get the funds together.

However, there are a number of competitive mortgage options for people keen to buy their own house, and prospective buyers may not have to wait until they are 35 to get a foot on the ladder. In fact, since the beginning of the year, 27 per cent of Post Office mortgage customers have been first time buyers compared to industry figures of 18 per cent and on average Post Office mortgage customers are 31 years old, suggesting some people may be able to afford to buy a home sooner than they think'

Mr. John Willcock also said, '‘In addition the Post Office also offers a range of products, which only require a 10% deposit and our recently launched Mortgage Specialists are able to help people through the process of choosing a mortgage, discussing each individuals needs and answering questions to help customers make an informed decision"

Highlights of Survey.. !

* 35 is now the average age a prospective house buyer expects to buy their first home, rising steadily since the 1960s. Those who bought their first home in the early 1960s were on average just 24 years old.

* Scots buck the 30 something first time buyer trend. They do not expect to get their foot on the ladder until they are at least 40, while all other regions expect to buy their first house in their thirties.

* The biggest barrier first time buyers face is finding it hard to raise a deposit unless their circumstances change, such as getting a better paid job or inheriting some money and not being able to afford the mortgage repayments.

* This is perhaps an unfounded worry as, on average, renters in the UK pay £ 876 more a year than the average house owner with mortgage payments & mortgage rates are historically low.

* Some 29 per cent would be encouraged to buy a home if they were offered more government assistance and 19 per cent said a reintroduction of no stamp duty for first time buyers would help them get a foot on the property ladder. Hitting important milestones in life such as getting married or starting a family are also triggers for non-house owners to buy their first property.

* The average age of a first time buyer has been creeping up over the past 50 years and a perceived 10 year wait to raise a deposit does not help matters.

* The sheer size of the deposit is the most daunting thing for would be first time buyers, but it appears to be worth the wait if it works out cheaper than renting. 

Share: