The average age of first-time buyers has risen by 2 years since the pandemic – Mortgage Strategy

Official statistics show that the average age of first-time buyers in the UK has risen from 32 before the outbreak to 34 now.

The latest UK Housing Survey shows that the average age of first-time buyers saw a two-year increase between 2019/20 and 2024/25.

In London, the average age of first-time buyers is even higher, at 35.

The homeownership rate remained stable at 65% during the same period.

In 2024/2025, 29% have a mortgage, 36% have outright ownership, 19% rent privately and 16% rent in the social sector.

The average weekly mortgage payment is £242 in England and £375 in London.

The average private rent in England is £250 per week, with the figure in the capital being £393.

People with mortgages spend 19% of household income on their mortgage, while private rent (excluding housing support) accounts for 39% of income.

The survey found that only 58% of private renters had ever planned to buy.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Excessive pressure on renters and rising house prices mean the average age of first-time buyers has reached 34.

“Considering the average deposit is £36,500, it’s no surprise it takes so long to save.

“This means the door is closing for a variety of potential buyers.

“Buying alone is much more difficult: only 29% of first-time buyers are single-person households.

“It also means you need to be a higher earner.

“People with mortgages are concentrated among the top two fifths of earners.”

She added: “This means people are making compromises and living with real consequences. They have to pay their mortgage for longer, so of those first-time buyers with a mortgage, almost two-thirds (62 per cent) have a repayment term of 30 years.

“They must also purchase with a deposit that is a smaller percentage of the property’s value.

“More than half of first-time buyers (59%) paid less than 20%, and 16% paid less than 10%.

“Unfortunately, borrowing more money means facing higher mortgage payments. At the same time, owning less equity in a property means more new buyers could be at risk of falling into negative equity if we face a period of falling prices.”