Average age of first-time buyer hits 30

07-Apr-2006

First-time buyers are being forced to wait until they are 30 to buy their first property, according to latest research.

A survey by property website SmartNewHomes, reveals that four out of ten aspiring homeowners said that they were delaying buying their first home because property was too expensive.

Almost 30 per cent said that they were delaying the purchase of their first home while they saved up enough money for a deposit.

Aspiring first time buyers considering affordable housing options should work with a good mortgage broker.

A further 15 per cent said that they were putting off getting a foot on the property ladder for non-financial reasons.

Figures show that the average first-time buyer now expects to spend £153,029 on their first home, which is more than seven times higher than the average salary for a person aged between 22 and 29.

First time buyers can make buying a new home affordable through a 'gifted deposit' scheme whereby a deposit is not required just the cost of professional and arrangement fees of £5000

David Bexon, managing director of SmartNewHomes, said: "This research highlights the severity of the struggle that first-time buyers are facing.

"If this trend continues then we could face the very real threat of property ownership being a privilege reserved for only the very wealthy."

Mortgage lenders have risen to the challenge of creating a growing number of options for first time buyers.

2008: May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar