First Time Buyers Getting Older
Average age of first house purchase is rising according to report
6th July 2005
A report by the Council of Mortgage Lenders (CML) has shown that the average age of first time buyers has risen substantially over the last 20 years.
In 1985, around a third of people had bought their first home by the age of 25, a figure that had fallen to one in five by 2003. The average age at first home purchase rose from 31 to 34 over the same period.
The increasing wait before entering the property market comes despite an overall rise in property ownership from 61% to 70% of the population.
The CML puts the figures down to both a rise in property prices meaning that a longer period of saving for a deposit is needed, and also lifestyle choices - younger people found that renting their homes gave them the flexibility they needed while still having the aspiration to own their home in the future.
Read More: Money Guardian
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