24 Apr 2024
Averages for First Time Buyers in the UK
Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best first time mortgage product to suit you.
Average age of becoming a homeowner
According to Finder (January 2024), the average age of a first time buyer in the UK is 34 years old. This is up from 32 years old in 2021, and from 30 in 2007. It is believed that the reason for the increase in age is down to the banking crisis in 2007 and 2008, and stricter mortgage lending criteria, as well as rising house prices.
Average house price for a first time buyer
The average UK house price for a first time buyer was £302,010 in 2021 which was up 13% from £268,031 in 2021. Of course, we know house prices vary across UK regions, with London having the steepest average price of £518.900. Northern Ireland’s lowest average house price for first time buyers was £171,425.
The average house prices for first time buyer in 2022 by region from most expensive to least:
|
London |
£518,900 |
|
South East |
£362,730 |
|
East of England |
£336,710 |
|
UK average |
£302,010 |
|
South West |
£281,167 |
|
East Midlands |
£238,208 |
|
West Midlands |
£235,108 |
|
North West |
£212,604 |
|
Yorkshire & The Humber |
£202,154 |
|
Wales |
£199,359 |
|
Scotland |
£189,428 |
|
North East |
£175, 091 |
|
Northern Ireland |
£171,425 |
Average deposit saved by first time buyers in the UK
In 2022, the average deposit for UK first time buyers was 21%, those living in London save the largest deposit at 24%, and the North East put down the smallest deposit at 17% of the overall price of the property.
What do buyers want from their property?
Research from Finder showed the top three most important features they wanted their new home to have been:
1) Outside space – 33% of the UK classed this as the most desirable feature
2) Size of the house – in second place, 28% of those asked felt the size was important
3) Space for parking – 24% wanted to ensure the property had adequate parking.
If you are a buyer looking to purchase your first property, get in touch with the team at Mortgage Required who can guide you through the process, call 01628 507477 or email team@mortgagerequired.com.
Source: Finder (January 2024).
Recent posts
Forbes has published a global ranking of stunning locations and one popular picturesque corner of the UK has nabbed top spot.
Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
More borrowers using equity release
24 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
Buyers purchasing properties sooner
26 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
What to do just before you get your keys
24 Sep 2025
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
More information
Trusted by
