UK's average age for first-time property buyers is 35

By Jonathan Dawes, Mon 22 Aug 2011 - Published in Mortgages

The average age of a UK first-time home buyer getting a mortgage has risen by eight years since the 1960s.

According to new research by Post Office Mortgages, many Brits believe they will be 35 before they expect to join the property ladder.

On top of this, 53 per cent of would-be buyers noted that they think they will never be able to afford their own home.

Mike Cook, head of mortgages at the Post Office, noted: "Many would-be first time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. And some may be deterred by their perception of high mortgage repayments. "

The Council of Mortgage Lenders recently revealed that gross mortgage lending in July was marginally lower than June's figures.

Bob Pannell, chief economist at the organisation, added that the UK's housing market conditions remain subdued, but are pretty stable.

News Categories

News Archive

News: UK's average age for first-time property buyers is 35