This is how old most first-time buyers are in the UK – the average age might surprise you

The UK housing market has shown remarkable resilience amidst climbing interest rates and the cost of living crisis.

A recent analysis by Direct Line Home Insurance found that first-time buyer house prices have been increasing by £24 per day on average.

But what impact have soaring prices had on the age of first-time buyers?

According to a recent study conducted by Safestyle UK, 28 is the average age when Brits purchase their first home.

The survey of 2,000 British homeowners revealed that most people bought their first home under the age of 30.

People in the North East, Yorkshire and Humber, East of England and the West Midlands were able to purchase their first property at an even younger age – at 27.

Unsurprisingly, the average age is highest in London, at 29 years old, as a typical London home now costs nearly ten times the average local income, according to Halifax.

Amongst UK homeowners who purchased in the last ten years, the average first home cost £146,692.24.

This figure is approximately 60% lower than the average house price that has been estimated this month (£368,614).

Which region is best for first-time buyers?
The study revealed that the average first-time property price in London was £180,215.13, a whopping 49% more than Glasgow, where first homes came out as the least expensive, averaging at £90,375.36.

Overall, Wales came out as the region where first homes were the cheapest in the UK, averaging at £80,934.33 per property, followed by Scotland at £95,594.69.

The most expensive region was the South West, averaging at £201,689.93, just higher than Greater London’s £192,090.60.

UK house prices have risen a staggering 9.6% over the last year and although this is a reduction on the previous year’s 10% increase, it remains a significant cause of financial concern for first-time buyers looking to enter the property ladder.

Plus, it appears that the housing market favours those who are able to purchase a property with a partner, as over 70% of people said they bought their first home in joint ownership.

Property size is arguably the biggest and most important factor when it comes to purchasing, explaining why 43% of participants wanted at least 3 bedrooms in their first home.

Terraced properties were the most popular type of first home, accounting for 36% of participants overall and taking the top spot in almost every region.

The average terraced home in the UK ranges from 688 sq. ft to 1087 sq. ft with 2-3 bedrooms per property, most including a small yard or garden.

Perhaps unsurprisingly, Greater London was the only region in the UK where flats or apartments were the most common type of first property, purchased by 43% of London-based first-time buyers.

Since many first-time buyers debate on whether to put their money into a new build or a renovation project, it’s interesting to see that 35% of Brits purchased a new build whilst just 27% purchased a renovation project.

Martin Troughton, Marketing Director at Safestyle UK comments: “One thing was clear among both renovators and new-build buyers, homeowners are unsure of how much their windows can increase the value of their home.

“Considering that over a quarter of our first homes (27%) are renovation projects, it’s surprising to see that over a third of people didn’t know when they had last updated their windows.”

“Replacing a property’s windows is a key thing to consider when looking to increase the value of your property, especially if the existing windows are single glazed or have been installed over 10 years ago.”