Average age of a first-time buyer reaches 37

The average first-time buyer will take seven-and-a-half years to save for a deposit to get on the property ladder, new research has found. And the average prospective buyer predicts they will be 37 years old by the time they finally step on the property ladder, up from 32 years old two years ago. By comparison, existing homeowners only took five years to make their first purchase, which was made at age 28. While 28% of those who are waiting to get on the ladder also believe the only way they'll be able to is through an inheritance. The research was commissioned by First Direct, which found most first-time buyers - at 71% - intend to use their savings, and four in ten - at 35% - are planning to use Government programmes such as the Help to Buy and shared ownership schemes. More than half (56%) of those, who already own a property, were able to buy their first place on their own. But far fewer people (35%) believe they can afford to buy a house solo in 2022 or beyond.  

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