We know first time buyers are fighting against the cost of living to try to get on to the property market and own their first home. This is causing the age of first time buyers to increase with the average age now being 33-34 across the UK.
Uswitch have recorded data surrounding first time buyers so we can stay up to date on trends and patterns in the housing market.
Are any of these surprising to you?
Just for you
1
Houses bought
- In 2022-23 there were 874,000 recent first time buyers in England which is an increase of 22,000 from 2021-22. More people were able to buy a house and with the inflation rate decreasing this year, we could see this figure increase again for 2024.
2
Title
- Almost 65%, 2 in 3 of buyers applied with the title, ‘Mr’ with only 26% using the title ‘Miss’ and 5% with ‘Mrs’
3
Deposit
- In 2022-23 the average deposit amount was £53,414 in England for first time buyers. Their data also shows that 87% of buyers relied on savings as their primary source for their deposits.
4
Who bought a house
- Couples with no dependents are the most common type of first time buyers and accounted for 40% of home buyers in 2022-23. Single parents with children are the least likely to be a home buyer shown from data with this group only accounting for 2% of all buyers in 2022-23.
5
Average loan
- Almost 71% of first time buyers mortgage quotes were for houses with their average loan amounting to £207,634.
6
London
- Greater London faced the biggest decrease in average mortgage amount for first time buyers by 1.91% to £383,386 from £390,848.
7
Plans to buy
- Two in five of non-homeowners in the UK do not intend to buy a home within the next five years. Over half put this down to the price of houses and mortgages as the reason for not buying a home and 26% referring to the recession.
