Average age of first-time buyer in London hits 35
The average age of Brits buying their first homes has surged over the past two decades as house prices have risen faster than wages.
The average age of a first-time buyer in London was 31 in the mid-2000s, but it has since risen to nearly 35, according to new research from Conveyancing Solicitor.
Property expert George Levett put ageing buyers down to “he delayed effects of prolonged wage stagnation, skyrocketing house prices, and stricter mortgage criteria”.
He also pointed to the effect of delayed milestones like marriage and children, as well as student loan debt.
TSB has found that 96 per cent of first-time buyers receive financial help for their housing deposit, with 68 per cent receiving help from family, and 57 per cent from friends.
Four-fifths of first-time buyers moved back in with their parents to save for a deposit, TSB found.
Gifts and loans from the Bank of Mum & Dad totalled £9.6bn in 2024, according to property firm Savills.
Will falling interest rates help first-time buyers?
The Bank of England cut interest rates to four per cent last week, prompting relief amongst first-time buyers.
Emily Williams, director of research at Savills, said it was a “welcome boost” for the UK’s housing market, adding that lower mortgage rates have “already begun to build momentum”.
“We expect the latest cut to strengthen this activity further, although the close nature of the decision means it is unlikely that mortgage lenders will be strongly pricing in expectations of further cuts this year,” Williams said.
Mortgage Lane founder Joseph, however, warned that “the potential for increased demand in the market… could drive house prices further upward”.
“For first-time buyers with limited deposits, the benefit of cheaper borrowing could be offset by increasing property values,” Williams said.
Zoopla has predicted housing sales to grow five per cent in 2025, but expects inflation to remain between one and two per cent.