The challenges young people face in getting on the property ladder are a regular feature in the media. A less-often discussed impact of the UK’s housing market, however, is the rising age of first-time buyers (FTBs).

Average age rises

The biggest increase in first time buyers in the last five years has been among older homebuyers, a new report¹ has revealed. Analysis carried out using product sales data from the Financial Conduct Authority (FCA) found that the five-year annual average growth rate for 40 to 45-year-old first time buyers is 8%.

For those aged 46 to 50, the growth rate was 6.9%. Likewise, the 51 to 55 age group saw a rate of 6.6%. Overall, for over fifties, the five- year annual average growth rate was 7%.

This is comfortably ahead of equivalent figures for younger groups. For example, 18 to 25-year-olds had a five-year annual average growth rate of minus 1.7%, while those aged 26 to 30 came in at minus 0.2%.

Get in touch

Whatever your age, if you’re looking to get a foot on the ladder and become a first time buyer, home ownership may not be as far off as you think. Getting the right advice as a first time buyer can make your dreams a reality.

To find out more about your options, please do get in touch. We are often visiting clients across the South East, including Eastbourne, Brighton, Tunbridge Wells, Hastings, Bexhill, Lewes, Uckfield, Heathfield, Newhaven and surrounding areas.

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¹Tembo, 2024

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.

The information contained within the blog is for information purposes only and does not constitute financial advice.

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