Average age of first-time buyers revealed in new report

Two of the biggest banks in the UK have revealed this month (January 25th) that the average age for those getting involved in a first-time buyer mortgage is 30. As two of the few lenders still offering 95 per cent mortgages for property market rookies, Clydesdale and Yorkshire Banks were able to gauge a remarkable number of applications when coming to their conclusion.
 
One third (33 per cent) of the banks' first-time buyers are under the age of 25, while another 32 per cent are between the ages of 26 and 30. Furthermore, 16 per cent fall into the 31 to 35 age group, nine per cent are aged between 36 and 40, and 11 per cent are over 41.
 
It follows news that the number of landlords in the UK is rising, as more first-time buyers have found themselves switching their policy and getting landlord insurance in order to make money from their property with buy-to-let deals.
 
However, there is a huge difference between the average house cost for each age range, from £104,021 for those under 25 up to a remarkable £240,709 for those between 31 and 35.
 
Retail director for Clydesdale Bank Steve Reid said: "We remain committed to supporting first time buyers and have a range of competitive products to help them throughout the process. We are proud that we are helping buyers of all ages to buy their dream home and take their first step on the property ladder."