First-timers to join the 37 Club

According to new research from First Direct, the average prospective buyer now predicts they will be 37 years old by the time they get their first home. This compares to first-time buyers from 2020 who, on average, secured their first home at the age of 32.

The data reveals that nearly eight in ten prospective buyers are concerned about getting on the property ladder with inflation at a 40-year high and purse strings set to tighten even more.

The majority of prospective buyers, 86 per cent, identified the cost-of-living crisis as a notable obstacle to getting on the ladder, with not being able to save as much for a deposit cited by 59 per cent as a major reason for delay.

The survey of 2,000 first-time buyers and existing homeowners across the UK also showed that the average first-time buyer will take 7.5 years to save enough money for a mortgage deposit.

First Direct states that this highlights the critical need for accessible first-time-buyer-led mortgage products, as existing homeowners surveyed took only five years on average to secure their first home.