The challenges young people face in getting on the property ladder are a regular feature in the media. A less-often discussed impact of the UK’s housing market, however, is the rising age of first-time buyers (FTBs).
Average age rises
The biggest increase in FTBs in the last five years has been among older homebuyers, a new report1 has revealed. Analysis carried out using product sales data from the Financial Conduct Authority (FCA) found that five-year annual average growth rates for 40 to 45-year-old FTBs is 8%.
For those aged 46 to 50, the growth rate was 6.9%. Likewise, the 51 to 55 age group saw a rate of 6.6%. Overall, for over fifties, the five- year annual average growth rate was 7%.
This is comfortably ahead of equivalent figures for younger groups. For example, 18 to 25-year-olds had a five-year annual average growth rate of minus 1.7%, while those aged 26 to 30 came in at minus 0.2%.
Get in touch
Whatever your age, if you’re looking to get a foot on the ladder, home ownership may not be as far off as you think. Getting the right advice for your needs can turn your dreams into a reality.
1Tembo, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
