UK

Number of FTBs with dependents double since 2009

Mortgages

The data, which has come from Mojo Mortgages and Santander, reveals the reality for home movers as the political parties push for votes ahead of next month’s General election

Analysis of FTB trends has revealed the average age and personal circumstances of FTB’s in the UK. Nationally the average age of a First Time Buyer is 33 years 8 months old; meanwhile the number of First Time Buyers who have at least one dependent has doubled since 2009.

The data, which has come from Mojo Mortgages and Santander, reveals the stark reality for home movers as the political parties push for votes ahead of next month’s General election. The Conservative, Liberal Democrat and Reform UK parties have all committed to First Time Buyer and property market incentives in their manifesto. It has been widely reported Labour will launch a “Freedom to Buy” scheme similar to the current mortgage guarantee scheme for 95% mortgages. The Green party have committed to a policy of creating more efficient housing stock with energy efficiency incentives.

As per Mojo Mortgages, Wales has the youngest First Time Buyers in the UK at 31 years old. London has the oldest at 36 years and 8 months old. In 2022 ONS data indicated the average FTB was 36 years of age, an increase of four years compared to 32 in 2004. First Time Buyers in London also have to save three times the deposit of First Time Buyers in the North East; an average of £108,848 against £29,740. FTBs in London save the highest deposit (£108,848) which is more than three times the amount those in the North East.

Commenting on the figures John Fraser-Tucker, Head of Mortgages at Mojo Mortgages says: These figures highlight several financial challenges that FTBs 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 because of 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.

He added: These obstacles collectively push the average age of a FTB higher, delaying the dream of homeownership for many.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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