It’s no easy feat for young people to get on the property ladder, with large deposits needing to be saved and tight criteria needing to be met with a mortgage lender.
New research from “The First Time Buyers Age Index” has revealed the most affordable cities in the UK for first-time buyers, so while you may not want to up sticks to another location just to purchase your first home, it will at least give you an idea as to the average age of a first-time buyer in your city.
According to the survey, the average age of a first-time buyer in the UK is 27, and surprisingly, the average age in London is 26 years old despite the capitals rocketing house prices. To put it into perspective, the average price of a home in London is currently around £460,000, which is more than 13 times the average £35,000 UK salary.
The research revealed that Sheffield is the home of the youngest average first-time buyer, with many getting a foothold on the housing ladder at the age of 23. Stoke-on-Trent is next with an average age of 24, followed by Cardiff, Oxford and Liverpool where 25 is the average age.
At the other end of the scale, Scotland has proven to be the most difficult place to purchase a first home, with those in Edinburgh taking on average four years longer to get on the property ladder at the age of 30. Glasgow also appears to be a difficult place to buy a property, with the average first-time buyer turning 28 before they manage to buy.
The research also revealed that many young people are worried about successfully navigating the difficult task of purchasing, with 67% of those who didn’t own a home claiming they feared they may never be in a position to buy a property.
28 Glasgow, Brighton and Cambridge
27 Plymouth, Belfast, Nottingham, Bristol, Newcastle, Norwich and Birmingham
26 London, Manchester and Leeds
25 Cardiff, Liverpool and Oxford
The First-Time Buyers Age Index reveals some fascinating information, showing quite a wide spread of average ages across the UK along with a few surprises - notably that house-hunters in the English capital are purchasing their first property at a much younger age than many might imagine. It also shows how the average age of a first-time buyer in the UK is 27, and this has remained unchanged in an entire generation. Despite this, there is still that fear among a high percentage of young people as they struggle to make that first purchase.Are you looking to take your first step onto the property ladder? If so, our property experts here at CPS Homes have a knowledge of Cardiff that’s second to none. Why not get in touch with us today so we can help you work towards finding the perfect home for you? Call us on 02920 668585, e-mail firstname.lastname@example.org or pop into one of our three Cardiff branches.