The comparison site found that while the average age of a first time buyer is now 36, there is a variation between the regions. Those looking to buy in the South West, for example, expect to wait the longest. On average, they think they will be 41 before they take their first step onto the ladder. Those North of the border in Scotland are the most optimistic, claiming they will be 33 on average before they buy their first property, along with Londoners who also think they will be 36. However, some have written off home ownership altogether. Over a third (37%) don’t intend to buy their own home. This rises to 53% of people in Scotland, but drops to a low of 19% among Londoners, even though property prices in the capital are higher than anywhere else in the country.
Clare Francis, Editor-in-Chief at MoneySuperMarket said:
“The resurgent housing market is making life harder for aspiring homeowners on the one-hand, but on the other, one of the reasons why prices are rising again is because there are more mortgages available for first time buyers now than a year ago, making it easier for them to raise the funds they need. This has, in part, been helped by the launch of the mortgage guarantee element of the Help to Buy mortgage scheme which is enabling first time buyers to get on the property ladder sooner because they don’t have to save such a large deposit.”
