For mortgage brokers working with first-time buyers day to day, however, the figures tell only part of the story.
Location shapes the reality
Ilford-based Sadia Mehmood (pictured top left), mortgage and protection adviser at The Mortgage Mum, told Mortgage Introducer the buyers she typically works with skew older than the national average – a pattern she puts down to house prices in her area.
“Generally, they have been older and doing it later because they’ve needed to save up for a deposit,” she said. “Where I’m based, the property prices are higher. A two-bedroom house can be between £350,000 and £375,000 and a three-bedroom between £420,000 and £450,000, so if you’re buying at a bigger value, then obviously you need a bigger deposit.”
David Titherington (pictured top right), director at The Mortgage Station in Hertfordshire, echoed the regional caveat. “I think generally first-time buyers do seem to be older,” he told Mortgage Introducer. “Certainly, the enquiries I’ve had through recently, most seem to be in their early 30s.”
Altrincham-based Rhys Edwards (pictured top middle), mortgage consultant at Brooks Financial, told Mortgage Introducer his own client base trends younger – typically between 22 and 26 – which he attributes in part to the financially aware clients he works with. “They want to get on the housing ladder earlier and kind of on the career pathway,” he said.