Increase in average age of first time buyer

19-Dec-2005

Latest industry figures have revealed a decrease in the amount of first time buyers under the age of 25.

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Statistics released by the Office of the Deputy Prime Minister (ODPM) confirmed that the average age of aspiring homeowners was increasing along with property prices.

Around 18 per cent of first time buyers are less than 25 years old in today's market, compared to 23 per cent in 1994.

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The figures also showed that the cost of financing a first home has significantly increased, with the proportion of first time buyers purchasing a property for over £100,00 rising to 58 per cent, up from six per cent nine years ago.

A lack of affordable housing and price growth ahead of wage increases have been blamed for the decline, along with the time it now takes buyers to save for a deposit.

However, new government plans and an extended definition of key workers are hoped to help more people onto the first rung of the property ladder and lower the average age.

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