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AVERAGE AGE OF FIRST TIME BUYER IS 35

AVERAGE AGE OF FIRST TIME BUYER IS 35 (Buying)

by administrator @, Tuesday, August 23, 2011, 13:43

The average age of a first-time buyer has reached 35, according to new research.

The research for Post Office Mortgages found that the age that a prospective homebuyer expects to be before joining the property ladder has risen steadily since the 1960s.

The research also revealed that women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.

More than half (53 per cent) of would-be buyers aged 25-34 don't think they will ever be able to afford to buy a property. Half (50 per cent) of prospective homeowners aged 25-34 said they can't afford the deposit for a home unless their circumstances change, such as receiving a lump sum of money or getting a better paid job.

On a regional basis, would-be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way. 43 per cent of Londoners said they couldn't afford the deposit without a change in their circumstances such as receiving a lump sum from family. This compares to the national average of 37 per cent.

Potential buyers in the West Midlands buck the overall trend - just 22 per cent of people in this region said raising the deposit is the main barrier. However, 32 per cent of people in this region cited unaffordable mortgage repayments, compared to 12 per cent nationally.


www.postoffice.co.uk/Mortgages

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