In 2021, the average age of recent first-time buyers in London was 1.7 years older than the England average. Across the UK, first time buyers accounted for approximately 305,000 transactions during 2020.
First time buyer 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 to 2021, in and outside London
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Department for Communities and Local Government (UK). (December 9, 2021). Average age of recent first time home buyers in England from 2005 to 2021, in and outside London [Graph]. In Statista. Retrieved August 14, 2022, 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 to 2021, in and outside London." Chart. December 9, 2021. Statista. Accessed August 14, 2022. https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/
Department for Communities and Local Government (UK). (2021). Average age of recent first time home buyers in England from 2005 to 2021, in and outside London. Statista. Statista Inc.. Accessed: August 14, 2022. 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 to 2021, in and outside London." Statista, Statista Inc., 9 Dec 2021, 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 to 2021, in and outside London Statista, https://www.statista.com/statistics/755701/average-age-first-time-home-buyers-england/ (last visited August 14, 2022)
