First-timers take longer to get on the ladder

Analysis from Santander shows that almost one in five first-time buyers are 40 or over, with the rising cost of properties and mortgages meaning that those getting onto the property ladder have to save for longer. Graham Sellar from Santander said: "With the average age of first-time buyers increasing in the past decade, more are reaching other life milestones, such as having children first.” Mark Harris from the mortgage broker SPF Private Clients said: "Many first-time buyers have children because not every life decision can be put on hold.” Meanwhile, data from banking trade body UK Finance shows that the number of first-time buyers fell 22.4% to 287,430 last year, the lowest since 2013. In 2004, the age at which the majority of people owned their own home was 32 but by 2022, the latest year for which official data is available, it had risen to 36.

The Sunday Times (09/06/2024)