House prices push up average age of first time buyers

Halifax has revealed that the average age for a first time buyer in the UK is no 32, up from 30 a decade ago. Data from Halifax's first time buyer report also revealed that Derbyshire Dales in the East Midlands has an average first time buyer age of just 26 with the average deposit sitting at around £33,143. This is a fall of eight years compared to the first time buyer age in 2013 which sat at 34. Halifax says this is the "biggest change" it has seen in its data. Richmond upon Thames has the highest average deposit sitting at £127,493 and had a first time buyer age of 35. Halifax found the priorities of potential first time buyers have shifted as nearly three-quarters of survey respondents have said "current economic challenges" have impacted their plans. A fifth (21%) said they put their buying plans on hold completely and 41% have pushed back their buying plans. Other priorities for first time buyers included paying off larger debts (40%), travelling (31%), and buying a car (27%).

Daily Mirror (11/12/2023)