Average first-time house buyers now 35 years old

 

The average of age of a first-time house buyer in Britain has risen to 35, according to a new report.

Figures gathered by The Post Office have indicated that Brits are having to wait longer than ever to lay down a deposit on a mortgage, with the average first-time buyer age in some regions now as high as 40.

According to telegraph.co.uk, more than half of those questioned in the study claimed that they would have to save for at least 10 years in order to raise enough money for a deposit.

Of course, this is great news for private landlords in the UK, as many would-be homeowners look likely to remain in rental properties for longer than ever before.

In fact, there's arguably never been a better time to be offering landlord services, especially in Scotland and the North East where the average first-time buyer age appears to be highest.

The Post Office based its statistics on the opinions of 600 potential home owners across the UK. In the report, they claimed that the average first-time buyer was just 24 back in the 1960s.

Analysing the figures, Post Office head of mortgages John Willcock told financemarkets.co.uk that this average appears to have been creeping up ever since.

Author: Properties ABC