Average age that first-time buyers purchase their first home - and it might surprise you
manchestereveningnews.co.ukThe UK property market has been busy for quite some time, with house prices increasing at a rapid rate each month. The average price of a house is now £368,614, according to Rightmove, which is a new all-time high.
As interest rates continue to climb and the cost of living crisis worsens, it is becoming more and more difficult for first-time buyers to get onto the property ladder.
New homeowners are now having to save up an even bigger deposit and have higher earnings to be able to buy a home. It is therefore no surprise that in order to get a foot on the ladder, people are now having to wait longer to be able to purchase their first property. READ MORE: How much first-time buyers need to save for a deposit on a house in Greater Manchester According to a recent study conducted by Safestyle UK, the average age that Brits purchase their first home is now 28.
The survey of 2,000 British homeowners revealed that most people purchase their first home under the age of 30, with people in the North East, Yorkshire and Humber, East of England and the West Midlands able to purchase their first property at the youngest age of 27.
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