House prices have risen so sharply that more people are waiting until their 50s to buy their first home. According to Financial Conduct Authority data, there has been a 29% increase in over-50s first-time buyers between 2018 and 2022. The number of 18 to 25-year-olds entering the property market has dropped by 8%, while first-time home purchases among those aged 26 to 30 have decreased by 1%. The trend of older first-time buyers is attributed to factors such as affordability challenges, longer saving periods, and extended mortgage loan terms. London has seen the most significant growth in first-time buyers aged 50 or older, followed by Northern Ireland, the East of England, and the South East. The average detached property now costs £457,222, compared to £268,000 in 2013. |
The Mail on Sunday (28/01/2024) |