Post Office Mortgages: First-time property buyers aging

The average age first-time buyers are expected to get one foot on the property ladder is now 35 years old, according to new research.

Post Office Mortgages revealed that the age at which individuals become homeowners has been rising gradually since the 1960s, when the average property buyer was aged just 23; this is over a decade younger than their modern counterparts.

The organisation reported that over half (53 per cent) of would-be buyers aged between 25 and 34 believe they won’t ever be able to afford a deposit for a house unless their circumstances change.

Looking at the problem regionally, those who want to sell their home in London may have most difficulty in securing a deal with first-time buyers, with 43 per cent of Londoners saying they could not afford a deposit for a home in their current situation.

Head of mortgages at the Post Office Mike Cook said “Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. And some may be deterred by their perception of high mortgage repayments.