Average first time buyer age revealed

25-Jan-2012

Clydesdale and Yorkshire Banks have revealed that the average age for a first time buyer in January was 30, although one third were under the age of 25.

The statistics were compiled on the applications for first time mortgages made to the two banks, and found that a further 32 per cent of applicants were between the age of 26 and 30, and 16 per cent are between 31 to 35.

Clydesdale and Yorkshire banks are two of the few banks that still offer 95 per cent mortgages for first time buyers. The average house prices bought between age groups showed significant differences, with those between 31 and 35 opting for property prices costing over £100,000 more than those under 25.

The buy to let market has also been found to be in resurgence by the banks, with first time buyers looking to let their money grow on a rental market that is seeing positive growth.

The National House-Building Council observed that there has been an increase in demand for rented properties due to the lack of homes that are being built. This has lead to an increase in rental prices, making buy-to-let an attractive option for property rookies.

It’s very important to seek impartial mortgage advice for first time buyers.

Published by Joshua Scott

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