The national average age of a first-time buyer in the UK is 33 years and 8 months, according to recent data. In Wales, first-time buyers are the youngest on average, at 31 years, while those in London are the oldest, averaging 36 years and 8 months.
The North East stands out as one of the most accessible regions for first-time buyers, with the lowest average deposit of £29,740 and a mortgage total of £144,953. In contrast, first-time buyers in London face the highest deposit requirement, saving an average of £108,848, more than three times the amount in the North East.
In the East of England, first-time buyers tend to take out the longest mortgage terms, averaging 31 years, meaning they are unlikely to be mortgage-free until they are 63 years and 9 months old.
After analysing mortgage applications from April 2022 to April 2024, Mojo Mortgages revealed the average age of first-time buyers in each UK region. Wales has the youngest first-time buyers at 31 years, while London has the oldest at 36 years and 8 months.
John Fraser-Tucker, head of mortgages at Mojo Mortgages, commented, “These figures highlight several financial challenges that first-time buyers in 2024 are facing. A combination of stagnant wages and the cost-of-living crisis has made it harder for buyers to save a deposit due to 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. These obstacles collectively push the average age of a first-time buyer higher, delaying the dream of homeownership for many.”
