First-time buyers 'getting older'

05-Aug-2008

Tightened mortgage lending means the average first-time buyer is getting older, new research suggests.

According to the study by mform.co.uk, up to half of all first-time buyers last year were under the age of 30, but the proportion has now dropped to 34.5 per cent.

Francis Ghiloni, mform's marketing and business development director, said the mortgage situation has meant would-be buyers are forced to save for longer before making a purchase.

"The end of the housing market boom, with house prices dropping, ought to be good news for first-time buyers who can finally be in a position to afford the home that was out of reach," he observed.

"However with the mortgage market contracting, lenders are getting tougher on how much they will lend and what level of deposit they'll demand which means first-time buyers are yet to see much benefit from the house price slide."

Recent figures indicated that first-time buyers now need to earn an average income of £41,600 to afford a mortgage, compared with £34,000 last year.

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