First-time buyers in the South East are having to wait up to seven years longer than others elsewhere in the UK to get on the housing ladder, new research shows.
According to Halifax, while the average age of the UK first-time buyer is 30, this hides a seven-year age gap among those coming onto the housing ladder.
The youngest first-time buyers are 27 in Carlisle in Cumbria and Torfaen in south Wales, while the oldest average first-time buyer is 34 in areas including Slough in Berkshire and the London boroughs of Barnet and Ealing.
The top 10 areas with the oldest first-time buyers are all in the South East of England. Nine of these – including the London boroughs of Barnet, Ealing, Richmond and Hounslow – all have an average age of 34, the highest in the country.
The youngest first-time buyers in southern England are in Waveney in Suffolk and Broadland in Norfolk with an average age of 28 in both areas. Portsmouth and neighbouring Gosport have the youngest first-time buyers in the South East at 29. The youngest first time buyers in the capital are in Lambeth with an average age of 30 years old.
The analysis reveals a strong relationship between areas with relatively low average house prices with the youngest first-time buyers. All 10 areas with the youngest first time buyers have prices below the national average of £200,754. Seven of these 10 have an average house price of between three quarters and half the national average.
Chris Gowland, mortgages director at Halifax, said: “The majority of areas in the country where the average age of first-time buyers is two to three years below the national average of 30 are outside southern England, mostly locations where house prices are typically lower both in monetary terms and in relation to earnings, factors that help to reduce the size of the deposit needed.
“Our latest Halifax Generation Rent report found that non-homeowners aged 20-45 would be prepared to save for around five and a half years for a deposit, while the average deposit paid by first-time buyers increased by 13% in 2015 to £32,927.
“With the youngest average first-time buyer age dropping to 27 in some areas, this is a stark reminder of how early aspiring homeowners should start thinking about what they will need to get onto the property ladder and what options they should consider in order to take their first step.”
Loading ...