Average age for first time buyer reaches 34

16-Nov-2006

First time buyers are increasingly making their first purchase at the age of 34, new research suggests.

According to the Leeds Building Society, with the average age of a first time buyer now rising to the age of 34, it is important to recognise that first time buyer statistics include, not only true first time buyers but also people returning to the first time buyer property market.

Leeds Building Society suggests that true first time buyers account for around 20 per cent of those looking to buy and are typically obtaining help from family members in generating a larger deposit that they would be able to save for on their own.

"At Leeds Building Society we are very aware of the challenges faced by [first time buyers] and their parents, who are keen to support their children with a house purchase," said Karen Wint, head of marketing and PR at Leeds Building Society.

While the average 'assisted first time buyer' is able to generate a deposit of around £34,000, most unassisted first time buyers are only able to save around £7,000.

Leeds Building Society offers a range of dedicated first time buyer mortgages, with interest rates from 5.39 per cent.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it would cost you, contact a good mortgage broker.

For our first time buyers guide to buying a property click here.

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