Mojo Mortgages, a leading online mortgage broker, has conducted an in-depth analysis of their internal data to reveal how the average age of a first-time buyer can differ around the UK, as well as their deposit size.
They've also delved into this data further to predict when today's first-time buyers are expected to be mortgage-free.
Key statistics:
-
The national average age of a first-time buyer in the UK is 33 years, 8 months.
-
Wales is home to the youngest average age for first-time buyers at 31 years.
-
Comparatively, first-time buyers in London are the oldest averaging 36 years, and 8 months old.
-
The North East has the lowest average deposit (£29,740) and mortgage total (£144,953) for first-time buyers, making it one of the more accessible regions for those joining the property ladder.
-
Comparatively, first-time buyers in London save the highest deposit (£108,848), more than three times the amount in the North East.
-
First-time buyers in the East of England tend to get the longest mortgage terms (31 years) and are, therefore, unlikely to be mortgage-free until they are 63 years, and 9 months old.
Commenting on the figures, John Fraser-Tucker, Head of Mortgages at Mojo Mortgages said: “These figures highlight several financial challenges that first-time buyers in 2024 are facing.
“Firstly, a combination of stagnant wages and the cost-of-living crisis has made it harder for buyers to save a deposit due to a lack of disposable income. Higher living expenses, including rent, utilities, and daily costs, make it increasingly difficult to set aside money for a deposit. These obstacles collectively push the average age of a first-time buyer higher, delaying the dream of homeownership for many.”
You can find the full average age of a first-time-buyer on Mojo Mortgages' website.
