Age of first-time buyers increasing
The average age of first-time buyers in the UK is continuing to increase, according to research.
In 2007, around half of all first-time buyers were under 30 years of age. This figure has now fallen to 34.5 per cent, showing that more young people are choosing to rent for longer.
Research by mortgage analyst mform.co.uk revealed that the main cause of the change is due to the tightening of lending criteria by mortgage providers.
This means that those wishing to purchase homes are being forced to save for longer and are choosing to rent flats and houses in London before making a purchase.
Statistics also showed that income multiples have fallen from 3.44 times income last year to just over three times now.
"Lenders are getting tougher on how much they will lend and what level of deposit they'll demand which means first-time buyers are yet to see much benefit from the house price slide," said Francis Ghilon, marketing and business development director for mform.
Average first-time buyer property bought through mform this year cost £170.540 compared with £149,800 last year.
Published 5th August, 2008
© 2008 Estates IT Limited
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The average age of first-time buyers in the UK is continuing to increase, according to research.