The age at which first-time buyers buy their first property is much higher than they ever dreamt of when growing up. In fact, there are some buyers only just getting their foot on the property ladder as they approach their forties and beyond.
Research from My Home Move looked into the aspirations of 1,000 first-time buyers ranging in age from 18 to 68 years old.
When they were younger, the majority (59%) thought that they would own their first property between the ages of 25 – 30 years old. Half of those surveyed had already passed that age band. In fact, for those over the age of 23, their home ownership aspirations and childhood expectations no longer matched up.
The average age for a first-time buyer has been steadily climbing. Research from the Halifax last year showed that the average age is now 30 years old. There are regional differences and these are influenced by the wide range of house prices we see across the UK. For example, a typical first-time buyer in Carlisle is 27 years old whereas in London it’s 34 years old.
However, despite all of this, when asked, 57% of those surveyed felt hopeful or confident about buying their first property. The majority of them plan to do so within the next four years. The prospective buyers were realistic and in most cases recognised that they couldn’t do it alone. 72% said they would need help to raise a deposit. Many were interested in the Government’s Help-to-Buy schemes and a small number (6%) were expecting to buy with their parents’ help or a similar gifted deposit.
There are different schemes to help people buying their first property from the Government. The Help-to-Buy equity loan appears to be the most popular scheme and the Help-to-Buy ISA the least popular overall with just 6% planning on using it.
If buying your first property seems like a long way off, don’t despair. It is tough and it’s taking people longer to achieve, but it is possible. Even if you don’t have the benefit of a financial boost from your parents, you can still do it. You will need to be patient and disciplined while you save for a deposit and look into the government schemes to see if there’s one to suit you.
For help making the legal process of buying or selling your home easier, please call LPL on 0333 3055 189.
