35 is the average age that a prospective homebuyer now expects to be before joining the property ladder, according to new research from Post Office Mortgages.
Its research tracked the average age of first time buyers since 1960, finding that those who bought their first home in the early 1960s were on average just 23 years old – significantly lower than today’s expected average age of 353. Women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.
However, first time buyers with Post Office Mortgages are just 30 years old on average.
53% of would-be buyers aged 25-34 don’t think they will ever be able to afford to buy a property. 50% of prospective homeowners aged 25-34 said they can’t afford the deposit for a home unless their circumstances change, such as receiving a lump sum of money or getting a better paid job.
On a regional basis, would-be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way. 43% of Londoners said they couldn’t afford the deposit without a change in their circumstances such as receiving a lump sum from family. This compares to the national average of 37%.
Potential buyers in the West Midlands buck the overall trend – just 22% of people in this region said raising the deposit is the main barrier. However, 32% of people in this region cited unaffordable mortgage repayments, compared to 12% nationally.
Mike Cook, Post Office head of mortgages, said: “Many would-be first time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed. And some may be deterred by their perception of high mortgage repayments. But there are very competitive options available for people who are keen to own their first home and prospective buyers may not have to wait until they are 35 to take this step
