Statistics released by mortgage lenders recently have revealed that the average age of the first-time home buyer in the United Kingdom has risen to 40.
Almost 25% of those buying their first house are aged 40 or just above. Even though some reports have cited that some over 70s are also entering the property market for the first time, many conveyancing solicitors in North Wales continue to advise their customers buying a home to consider affordability and new mortgage initiatives.
Whilst the average age of first-time buyers is steadily rising, there simultaneously appears to be a drop in the number of those aged 25 and under making a purchase. There are many reasons why older people are making the decision to buy their first home, including the ability to access long-term savings and inheritances from Wills being acquired later in life. These pots of money allow homebuyers to put down the finances needed for a deposit and to meet affordability requirements.
At the moment, although the overall property market seems to be more robust, there are still some shortages of housing for sale in certain parts of the country, making it harder for younger people to make that all important purchase. The government is being urged to introduce more incentives that will allow a wider range of people to buy a house.
Here at Bennett Smith Solicitors, we can help and advise you on all aspects of buying a property for the first time, so contact us today to book an appointment.
