Between 2018 and 2019, the average age of recent first-time buyers in London was 4.6 years older than the rest of England. Across the UK, first time buyers accounted for approximately 357 thousand transactions during 2019.
First time Prices and mortgages
In London, the average value of a mortgage for first time buyers was far higher than all other regions in the UK. Apart from the initial cost of a down payment, those that can afford to, see monthly payment savings against those renting. In certain parts of the country, annual savings of buying against renting saw first time buyers amounted to over two thousand British pounds.
Help to buy
To encourage first time buyers, the UK government started the help to buy scheme. The scheme sees people saving for a first-time home receive a 25% bonus to their savings when purchases a house valued at 250 thousand British pounds (450 thousand British pounds in London). Between December 2015 and March 2018, the North West of England saw the highest number of Help to buy ISA bonuses paid.
Average age of recent first time home buyers in England from 2005/06 to 2018/2019, in and outside London
The source classifies 'recent first time buyers' as those who have been residents for less than 3 years. Sample size for 2018/2019, London; 47, England excluding London; 295
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Statistics on "First time home buyers in the United Kingdom (UK)"
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Department for Communities and Local Government (UK). (January 23, 2020). Average age of recent first time home buyers in England from 2005/06 to 2018/2019, in and outside London [Graph]. In Statista. Retrieved September 24, 2020, from https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/
Department for Communities and Local Government (UK). "Average age of recent first time home buyers in England from 2005/06 to 2018/2019, in and outside London." Chart. January 23, 2020. Statista. Accessed September 24, 2020. https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/
Department for Communities and Local Government (UK). (2020). Average age of recent first time home buyers in England from 2005/06 to 2018/2019, in and outside London. Statista. Statista Inc.. Accessed: September 24, 2020. https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/
Department for Communities and Local Government (UK). "Average Age of Recent First Time Home Buyers in England from 2005/06 to 2018/2019, in and outside London." Statista, Statista Inc., 23 Jan 2020, https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/
Department for Communities and Local Government (UK), Average age of recent first time home buyers in England from 2005/06 to 2018/2019, in and outside London Statista, https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/ (last visited September 24, 2020)
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