An Average First-Time Buyer’s Age
The average age of a first-time home buyer has increased yet again…
What does this imply for Generation Rent and UK property investors?
> A first-time buyer of UK property in 2020 was 32 years old on average.
> The average age of a first-time buyer in 2022 will be about 34.
This shift is fueled by a number of factors:
First, the furlough system made it more difficult for applicants to obtain home financing.
The pandemic’s financial strains were then added to the mix, as was a dramatic spike in the cost of living.
> As we all know, the younger generation has borne the brunt of the economic downturn.
Another stumbling block for first-time buyers has been the persistent rise in housing prices over the previous two years.
This is fantastic news for landlords and property investors in the short term, but a vibrant property market needs new entrants in the long run…
