In 2024, the average age of recent first-time buyers in London was slightly higher than the England average. Across the UK, first-time buyers accounted for approximately 290,000 home sales. First-time buyer prices and mortgages In London, the average value of a mortgage for first-time buyers was far higher than all other regions in the UK. Apart from the initial cost of a down payment, those that can afford to, see monthly payment savings against those renting. In certain parts of the country, annual savings of buying against renting saw first time buyers amounted to over two thousand British pounds. Help to buy To encourage first-time buyers, the UK government started the "Help to buy" scheme. The scheme sees people saving for a first-time home receive a 25% bonus to their savings when purchasing a house valued at 250,000 British pounds (450,000 British pounds in London). Between December 2015 and March 2018, the North West of England saw the highest number of Help to buy ISA bonuses paid.

The average age of first-time buyers (FTBs) in Ireland increased by 1.4 years between 2017 and 2023. In 2017, the average age of first-time homebuyers was 33.9 years. In 2023, the average homebuyer was 35.3 years old. During the same period, the age of second and subsequent borrowers experienced slightly less variation.

Since 2011, the average age of British citizens buying their first home in the United Kingdom (UK) increased by three years. In 2011, the average age for the country was 29, while in 2023, it reached 32 years. Nevertheless, the average age varied in different regions.

Approximately 75 percent of Americans aged 25 to 33 who bought a home were first-home buyers, whereas 44 percent of home buyers between 34 and 43 bought their first home in that year. Gen Z and Millennial first-time buyers It is no surprise that many Gen Z (18 to 24 years old) and Millennial (25 to 43 years old) home buyers are mostly first-time home buyers. These home buyers are in the early stages of their careers, or still studying in some cases, and often struggling to repay student debt, so they need to save for many years before they afford a down payment. When do they sell? These generations tend to stay in their first homes for several years, which means that the majority of home sellers are older than them. The share of income needed to afford a trade-up home is significantly lower than the money needed for a starter home. A trade-up home is a larger and more expensive home, which homeowners often buy after living in their starter home, or their first home, for several years. This progression generally happens when homeowners have climbed the career ladder and increased their incomes.

Data on resident buyers who are persons that purchased a residential property in a market sale and filed their T1 tax return form: number of and incomes of residential property buyers, sale price, price-to-income ratio by the number of buyers as part of a sale, age groups, first-time home buyer status, buyer characteristics (sex, family type, immigration status, period of immigration, admission category).

Nearly one out of four European consumers who were tenants in 2019, believed they would not be able to buy a home in the future. This belief was especially shared in the Netherlands, Belgium, Germany, France, and the UK. However, those who did expect to eventually become first-home buyers believed it was more likely to happen once they passed the age of 35. Indeed, in 2019, roughly 16 percent of European respondents believed they had to wait until they were older than 35 to be able to buy a property.

Graph and download economic data for Consumer Unit Characteristics: Percent Homeowner by Age: from Age 25 to 34 (CXUHOMEOWNLB0403M) from 1990 to 2023 about consumer unit, age, homeownership, 25 years +, percent, and USA.

The average age of second and subsequent buyers (SSBs) in Ireland showed an upward trend between 2017 and 2023. In 2017, the average age stood at 41 years, which then increased to 41.3 years in 2018. There was a further rise to 42 years in 2019. However, in 2020, there was a slight dip to 41.8 years. Over the following three years, the average age continued to climb, surpassing 42 years in 2021 and ultimately reaching its peak at the highest recorded average age of 42.45 years in 2022. Meanwhile, the average age of first-time buyers also increased.

For the past decade, buying a home in the UK has been more affordable than renting one, when only considering the monthly costs. The renting versus buying gap fluctuated during the period and in 2016, it reached its highest value of 131 British pounds. In 2023, the monthly costs for a first-time buyer were 1,231 British pounds, compared to 1,258 British pounds for renters. Rental growth vs house price growth Housing costs in the UK have been on an uprise, with both renting and buying a home increasingly unreachable. Though the monthly costs of buying have consistently been lower in the past decade, house price growth has been much stronger than rental growth since the beginning of the pandemic. Additionally, buyers have been affected by the aggressive mortgage rate hikes, making acquiring their first home even less affordable. Barriers to homeownership Buying a home is not straightforward. For younger (18-40) potential first-time buyers, there are a number of barriers. Approximately one in three first-time buyers point out that raising a deposit was the main obstacle. Other reasons stopping buyers were not being able to take out a mortgage on their current income and poor credit ratings. Unsurprisingly, the highest share of people who buy a home with a mortgage was in the age group of 45 to 55-year-olds.

The average loan-to-value (LTV) ratio for first-time buyers (FTBs) remained relatively stable from 2017 to 2023. In 2017, the LTV stood at 79.7 percent, meaning that the average first-time buyer mortgage loan amounted to almost 80 percent of the total house price. The highest LTV ratio was observed in 2020 at 81.9 percent, followed by a decline in the following years to approximately 80.2 percent in 2022 and 80.3 percent in 2023. Meanwhile, loans to second and subsequent borrowers had a notably lower LTV ratio.

This statistic shows the distribution of first-time homebuyers in the Netherlands in 2013 and 2017, by age group. In 2017, approximately 16 percent of all first-time homebuyers in the Netherlands consisted of the age group between 25 and 29 years old. This was a decrease from the approximately 25 percent in 2013.

In recent years, the housing market has continued to rise in the Netherlands due to low mortgage rates, a recovering economy and a high level of consumer confidence. In December 2017, for example, housing prices in the Netherlands increased by approximately 8.2 percent when compared to the same period a year before.

This statistic shows the distribution of the French who made the first real estate purchase in 2016, according to the age group. We observe that more than 30% of the first-time buyers of real estate were between 25 and 28 years old.

Among all home buyers in the United States in 2023, first time home buyers accounted for approximately 32 percent of the total. The share of first time home buyers among all home buyers in the United States has fluctuated significantly between 2003 and 2021 w2having had the highest share of first time home buyers of 50 percent.

To obtain a mortgage, first-time homebuyers in the United Kingdom (UK) need to save a deposit amounting to about 19 percent of the property purchase price. The higher the property value and the loan amount, the higher the deposit. In 2023, the average first-time buyer deposit in the UK was about 53,414 British pounds, but in the most expensive region, Greater London, the deposit amount was more than double. The share of the deposit was also much higher than in other regions in the UK. How has the house price for first-time buyers changed over time? Housing bought by first-time buyers has become increasingly more expensive since 2000, making it harder for renters to get on the property ladder. By 2023, the average house price had tripled. The price also varied in different regions, with the North East being the least expensive and Greater London – the priciest. Which are the most affordable areas for first-time buyers? While housing in certain areas can be pricy, this does not necessarily make it unaffordable, as the standard of living may also be higher. In 2021, the most affordable towns for first-time buyers were found in the North West region (Burnley) and Scotland (East Ayshire, North Ayshire, Inverclyde, West Dunbartonshire).

The homeownership rate was the highest among Americans in their early 70s and the lowest among people in their early 20s in 2023. In that year, approximately 81 percent of individuals aged 70 to 75 resided in a residence they owned, compared to approximately 23.6 percent among individuals under the age of 25. On average, 65.9 percent of Americans lived in an owner-occupied home. The homeownership rate was the highest in 2004 but has since declined.

This statistic displays the average age at which French people buy a principal residence in 2019. At that time, 41 percent of principal residence owners had purchased their property when they were between 25 and 30 years old. In contrast, 6 percent of French people were over 60 years old when they bought their principal residence.

About 15 percent of homebuyers in the United States in 2022 had a median household income between 100,000 and 124,999 U.S dollars. This was the median income range with the largest share of homebuyers in the United States that year. Among them, 19 percent were between the age of 18 and 24 years old.

The average mortgage loan amount for first-time buyers (FTBs) in Ireland increased by more than 16,000 euros in 2023. Since 2017, the average loan size has increased year-on-year. In 2023, Irish first-time homebuyers took out mortgage loans averaging 285,000 euros. In 2017, that figure stood out at about 211,000 euros. Meanwhile, second and subsequent buyers took out much larger loans, on average.

The majority of home buyers in the United States in 2023 across all age groups purchased a home between 1,501 and 2,500 square feet in size. 33 percent of the young millennials (25 to 33 years old) and 31 percent of the silent generation (78 to 98 years old) purchased a home about the same feet in size.

The number of first-time homebuyers in the United Kingdom (UK) fell for the second year in a row in 2023, after peaking during the coronavirus pandemic. Over 293,000 people bought their first home in 2023, down from 405,000 in 2021. That was the lowest figure observed since 2013. Homebuyer sentiment also deteriorated markedly during that period.