The average age of a first time home buyer in the UK may surprise you

It might make you feel a little better about your own situation.

If you’re on the path to owning your first home, you’ll know there’s a lot more to it than dropping off some avocado-on-toast in independent cafes. House prices in the UK are increasing at a much faster rate than our wages, making it feel even more difficult to grab onto the bottom rung of the ladder.

But if you were starting to go down and out of the endless cycle of expensive rent > struggling to save for a house deposit (and all before), new research has calculated the average age first time home buyer in the UK – and it could make you feel better.

Across the country as a whole, people are now 33.1 years old on average before they can afford to put down roots in their own home. In London, the number is even higher, with the average age being 35.

 

Green front door with house keys

 

It’s not necessarily surprising that it can take so long to build up a deposit and salary big enough to get a mortgage when you consider the average house price these days. In 2021, the average cost of a property nationwide is £248,496. In London, it is significantly higher, at £465,549.

The lighting data was collected by Compare The Market, whose experts also did the math to predict how the average age of first-time home owners will increase over the coming years. In news that will shock exactly no one, the average age is only going in one direction – and that is upwards. Here’s how it will look over the next decade:

2022

Average age of first-time buyers across the country: 33.2

Average age of first time buyers in London: 35.2

2023

Average age of first-time buyers across the country: 33.4

Average age of first time buyers in London: 35.4

2024

Average age of first-time buyers across the country: 33.6

Average age of first time buyers in London: 35.6

2025

Average age of first-time buyers across the country: 33.7

Average age of first time buyers in London: 35.8

2026

Average age of first-time buyers across the country: 33.9

Average age of first time buyers in London: 36.0

2027

Average age of first-time buyers across the country: 34.1

Average age of first time buyers in London: 36.2

2028

Average age of first-time buyers across the country: 34.2

Average age of first time buyers in London: 36.4

2029

Average age of first-time buyers across the country: 34.4

Average age of first time buyers in London: 36.6

2030

Average age of first-time buyers across the country: 34.6

Average age of first time buyers in London: 36.8

2031

Average age of first-time buyers across the country: 34.7

Average age of first time buyers in London: 37.0

 

The older we get before we can secure a mortgage, the longer we will have to continue working to pay it off, which will have repercussions later in life. So let’s hope we start to see something change where the housing market is, or there will be far fewer people buying their own homes outright.

And in the meantime, it’s back to the Pinterest board for that imaginary house…

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