30 is the average age for first time buyers in the UK
The average age for a person buying their first property in the UK is 30, according to figures from one of the leading lenders.
Clydesdale and Yorkshire Banks, which says that it one of the few lenders still offering 95% mortgages to those looking to take their first step onto the property ladder, says that a third are aged under 25.
It also reveals that a further 32% are aged between 26 and 30 and 16% in the 31 to 35 age group. Some 9% are between 36 and 40 years old and 11% are over 41.
It found that there is a marked difference between the average house prices for each age range, from £104,021 for those under 25 through to £240,709 for those aged between 31 and 35.
‘We remain committed to supporting first time buyers and have a range of competitive products to help them throughout the process,’ said Steve Reid, retail director for Clydesdale Bank.
‘Our Regular Home Saver helps prospective homeowners to save a deposit for their new home and we remain one of the few lenders who still offer a 95% LTV mortgage for first time buyers,’ he explained.
‘We are proud that we are helping buyers of all ages to buy their dream home and take their first step on the property ladder,’ he added.
As part of their commitment to supporting first time buyers, Clydesdale and Yorkshire Banks introduced new lower rates on their range of mortgages for those looking to get onto the property market ranging from 5.49% to 6.19% including a fee free rate of 5.69% fixed for three years.
A number of banks are offering more products in 2012 amid pressure from the property industry to loan more to help stimulate the real estate sector.
HSBC has committed itself to lending at least £15 billion to borrowers this year, of which £3 billion will be for first time buyers.
It says that 150,000 home buyers and 27,000 first time buyers are set to benefit as it expects 2012 to see it with its largest ever share of the UK mortgage market.
Of the £15 billion HSBC will be making available for 2012, the majority will be new money into the mortgage market, it added.
‘In 2011 we offered UK borrowers some of the most competitive rates around and we plan to continue this in 2012. While some estimates suggest mortgage lending in the UK will fall this year, HSBC has no intention of closing its doors to customers, nor will we compromise our reputation for responsible lending,’ said Martijn van der Heijden, head of lending at HSBC.
‘This demonstrates HSBC’s commitment to continuing to help people move up or indeed take the first step onto the housing ladder,’ he added.
While 30 is the average age of people buying a property for the first time, I do think that buying a mortgage wouldn’t hurt as much if we buy it on an earlier age. I bought my Perth mortgage at age 26 and its provisions and flexible payment terms has helped me not only with the monthly amortization but also with my monthly expenses.