Nearly 70% of mortgage customers in 2024 were first-time buyers (FTBs), according to research from Mortgage Advice Bureau (MAB).
The findings showed 67% of borrowers who bought property over the past year were first time buyers.
The rest were split between homemovers at 19% and those remortgaging at 14%.
The average FTB in the UK was 34 years old, saving around £585 a month and putting down deposits of £24,500 on homes valued at £226,900.
The typical income was £35,900.
Nearly half (47%) bought alone, up on previous years, and 31% had dependents.
Although 97% were in full-time work, 43% needed extra income alongside their salaries to buy.
In London, FTBs were older at 36, earned more (£51,000), and put down higher deposits (£37,000).
They aimed to buy more expensive homes (£340,600) and took around 18 months to buy, longer than the 12-month average elsewhere.
Most (65%) bought alone, and only 16% had dependents.
Elsewhere in England, FTBs had slightly lower incomes (£34,400), deposits (£23,800), and property prices (£220,300), staying close to the national average.
Scottish FTBs were usually 35, with incomes of £37,200, and bought lower-priced homes at £196,500.
Most (58%) bought alone and only 23% had dependents, reflecting lower house prices and a higher average age.
FTBs in Wales were the youngest at 33, with incomes at £35,300 and strong savings at £740 per month. 37% had dependents, the highest proportion in the UK.
54% used extra income, the highest in all regions.
In Northern Ireland, most FTBs had the lowest incomes at £29,900 and bought the most affordable properties (£177,500), saving £390 monthly but putting down higher deposits of £28,000.
Rachel Geddes, strategic lender relationship director at MAB, said: “The first time buyer market is certainly multifaceted in nature, and our research only goes to underscore that.
“Just as there is no such thing as a typical first time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.
“However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain.”
Geddes added: “The average age of a first time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more.
“Understanding these trends is crucial for the policymakers, lenders, and service providers who are looking to support this crucial segment of the UK housing market.
“That being said, the future’s looking bright. Demand remains high, and with an increasing number of lenders enhancing their affordability criteria and offering innovative borrowing solutions, there’s never been a better time for aspiring buyers to get on the property ladder.”
She said: “With a wealth of opportunities at their fingertips, this is where the expertise of a broker comes into its own, helping customers get mortgage ready with a deal that aligns with their financial and personal goals.”
