buying your first home

Average Age on First Time Buyers in the Northwest

Among the stats on buyer trends compiled by Halifax, a highlight shows that the average age of buying your first home has risen to 32, up from 2011’s age of 29.

Naturally, the bigger spike came within 2021, where first-time buyer numbers rose at record rates of 35% to a total of 409,370. It is estimated that the majority of first-time buyers coming to market in 2021 put down an average of £53,935 on a first property that costs £264,140.

Double Amounts

The numbers are more than double the amount that they were in 2009. With an increase of over 100,000 in the last 12 months alone, 409,370 new buyers entered the housing market within the year – a 35% increase in 2020.

Despite this record-breaking surge in numbers, first-time purchasers of homes stayed at around half of the years home loan figures. Every region throughout the UK saw a marked rise in the share of new buyers coming to the market, with the bigger increase being down south in London at 49%. The smallest was Scotland which still saw an increase by almost a quarter.

Increasing Regions

Every region except London saw the wealth of first-time buyers more than double over the last ten years. As more and more buyers enter the market, the average first-time buyer deposit fell by 6% throughout the UK. The only places increasing regionally were within Wales and Scotland.

The fall in the UK market was attributed to the rise in average purchase prices on first homes, widening the gap between purchase prices and deposits throughout every region.

Shifting Focus

Many factors are playing an influence on the 2021 home-buying decisions. Working from home and the requirement for space was key for many, whereas the stamp duty holiday increased the availability of first-rung homes for others moving upwards.

As lifestyles have drastically changed, people have chosen different directions such as higher education, travelling, or limited movement for work have shifted people’s attitudes towards surroundings – especially for those wanting to buy property in Stockport.

In 2022, the significant deposit required for getting onto the housing ladder and the rising cost of homes throughout the UK will play a big factor in the first-time buyer market moving forward.

This falling off of numbers may help the gap between supply and demand in housing to play catch up. Contact the team at Joules Estate Agents Stockport for all updates on the current housing market, buying your first home and how to sell a house in the current climate.