Most people expect to be 35 before they buy their first home

Nearly half of people planning to buy for the first time believe it will take more than a decade to save a deposit for their first property, according to a survey for Post Office Mortgages.

Potential buyers in the South East and South West appear to have most difficulty with finding a deposit, with 65 per cent and 56 per cent respectively estimating it will take ten years to sort one out. Around 47 per cent of Londoners say it will take them much longer.

The research suggests that 35 is now the average age a prospective homebuyer expects to buy their first home – people who bought their first home in the early 1960s were on average just 24 years old. Those in Scotland are even more pessimistic and do not expect to buy their first home until they are at least 40.

Nearly a third said that they would be encouraged to buy a home if they were offered more government assistance and almost a fifth said a re-introduction of no stamp duty for first time buyers would help them make the move. Reaching important milestones in life such as getting married (12 per cent) or becoming a parent (12 per cent) also encourage non-homeowners to take their first step onto the property ladder.

John Willcock, Head of Post Office Mortgages, said; “The average age of a first time buyer has been creeping up over the past 50 years and a perceived ten year wait to raise a deposit doesn’t help matters. The sheer size of the deposit is the most daunting thing for would-be first time buyers, but it appears to be worth the wait if it works out cheaper than renting.”

Useful web sites for more information
Property Search Engine
Independent property news

Recent Posts on Property

• Record home price rises (and not just in London)
• It's National Work From Home Day today
• Where have property prices been reduced most in the UK?
• Is Rushcliffe the best place for families to live?
• Where are the most affordable towns for key workers?