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

We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.

Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.

Did you know that buying a house, or relocating is in the top 10 most stressful life events?

Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!

There are lots of effective ways to manage and reduce stress, check out our tips to help you.

With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove. 

Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.

Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.

Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.

Call us for more information: 01628 507477 or email: team@mortgagerequired.com.

According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.