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First time buyer gap

Enable’s IFA’s in Bishops Stortford and Saffron Walden have seen the average age of a first time buyer in the UK go up and down but according to research from lender the Halifax the average age is now 30. This makes the average age of a first time buyer one year older than a decade ago and two years older than in 1983 when Halifax records began. The average age in London has risen by three years since 1983 from 29 to 32 and by four years in the South East from 28 to 32. In addition some new research reveals a seven year age gap between the youngest and oldest across the country.

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The youngest first time buyers in southern England are in the East of England Waveney in Suffolk and Broadland in Norfolk with an average age of 28 in both areas. The analysis reveals a strong relationship between areas with relatively low average house prices with the youngest first time buyers. The research pointed out that the latest Halifax Generation Rent report found that non-home owners aged 20 to 45 would be prepared to save for around five and a half years for a deposit, while the average deposit paid by first time buyers increased by 13% in 2015 to £32,927. ‘With the youngest average first time buyer age dropping to 27 in some areas, this is a stark reminder of how early aspiring home owners should start thinking about what they will need to get onto the property ladder and what options they should consider in order to take their first step.’

If you are saving for your first property Enable’s IFAs can help you look at your options.

Your home could be at risk if you do not keep up your mortgage repayments

Source: http://www.propertywire.com/news/europe/seven-year-age-gap-revealed-youngest-oldest-first-time-uk-buyers/

Issued by: Enable Independent Financial Life Planners • 
25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 – Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
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