First Time Buyers - Regional Age Gap
Seven-year age gap between FTB’s across UK
Recent research by Halifax has revealed a seven-year age difference in First Time Buyers depending on where they live.
According to the lender the national average is currently 30, but they say this figure hides the disparity between the oldest and youngest groups buying a property for the first time.
The report found thast the youngest First Time Buyers, at 27 years old, were in parts of Cumbria and South Wales. In areas such as Slough and some London boroughs on the other hand, the average had risen significantly to 34.
This data reveals a link between younger buyers and areas with lower property prices, where the house price to earnings ratio is below the national average. Saving for a deposit is therefore a more realistic and more affordable prospect.
By contrast, areas with the oldest buyers are nearly all in the South East, where the price to earnings ratio is nearly double the national average.
It’s no wonder that so many First Time Buyers need help getting on to the property ladder, and that in the meantime Generation Rent continues to dominate so many parts of the UK.