First time buyers were previously identified as relatively young, possibly single and with a small deposit. Today, the first time buyer looks slightly different, usually older and more likely to be buying with a partner or friend. They are also more likely to have children than first time buyers 10 years ago.
Recent research conducted by the Department for Communities and Local Government has revealed the profile of an average first time buyer today, in comparison with 10 years ago. A deposit for a first time buyer will average at £40,931, although this jumps to £94,088 in London. According to the English Housing Survey 2015-16, which has only recently been published, the number of first time buyers is roughly the same as it was 10 years ago, but lower than 20 years earlier.
In 1995-96, there were 922,000 first time buyer households in the UK, while in 2005-06 there were 675,000 households. First time buyer homes in 2015-16 equate to 654,000, indicating a fall in numbers over the last two decades.
The average age of a first time buyer in the last decade hasn’t changed much, rising from 31 in 2005-06 to 32 in 2015-16. However, the number of first time buyers who are aged between 35 and 44 has increased to 16% in 2005-06 and 21% in 2015-16.
Buying a home for the first time is difficult, especially if you are currently renting a home. Speaking to a CeMAP mortgage advisor may help you to find an affordable product so you can buy your first home.