The average age of first-time home buyers in the UK is estimated to have increased in the last couple of years.
In certain parts of the United Kingdom, for instance, the average age has increased to 34. Most areas of the country have seen a rise in older applicants for new mortgages, but experts have also noted that some regions have bucked this trend and have much younger buyers.
Many experts have put these changes in demographics down to the varying prices of houses, with younger buyers able to purchase their first home in places where homes are cheaper. However, generally, the cost of houses has risen dramatically, with the average price now standing at over £300,000, meaning that a larger deposit is needed. In turn, this has warranted people having to save for longer, hence the reason for the older buyers.
Other details conveyancing solicitors in North Wales have noticed is that fewer people have had financial contributions from parents to help them buy their home. Despite this, there has been a rise in the overall numbers of first-time purchasers, which demonstrates the ongoing robust nature of the housing market. This seems to be especially true of families with children; this family type is more likely to be buying their first home than in previous years.
Look to our team here at Bennett Smith Solicitors for up-to-date, expert advice on buying your first home. Contact us now and we will book you an appointment.
