Average first time buyer age up by a quarter

10-Aug-2007

The average age of a first time buyer has risen by 26 per cent over the past 30 years due to both financial issues and differing social attitudes, according to a new study by GE Money Home Lending.

In 1977 the typical first time buyer was 27 years old compared to a 2007 average of 34, the study found, though this is not necessarily solely down to affordability problems.

Just half as many 25-year-olds see homeownership and marriage as important as they did 30 years ago, but nonetheless 76 per cent believe that first time buyers have it harder than ever before.

"Our analysis […] reveals that today's potential younger buyers also have vastly different attitudes, aspirations and lifestyles to their counterparts 30 years ago," commented GE Money Home Lending head of mortgage marketing Gerry Bell.

"This refusal to conform to traditional family-oriented motivations and the desire to gain independence and experience, undoubtedly delays the purchase of a first home and contributes to the ongoing affordability issues faced by these consumers," Mr Bell added.

Around 38 per cent of first time buyers aged 30 and under currently receive financial assistance from their parents, the Council of Mortgage Lenders recently asserted.

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