As average buyer age rises, affordability remains a top barrier
More than two-thirds of property buyers in the past 12 months were first-time buyers, according to recent data released by Mortgage Advice Bureau (MAB), highlighting the growing importance of first-time buyers in the UK housing market.
According to the report, 67% of borrowers were entering the property market for the first time, while 19% were home movers and 14% were remortgaging their current homes.
The average first-time buyer is 34 years old with an annual income of £35,900. On average, they set aside £585 per month and had saved approximately £24,500 towards a deposit, aiming to buy a property priced at around £226,900. Nearly half of these buyers (47%) were purchasing on their own.
The research also found that 31% of first-time buyers had dependents, suggesting family needs continue to play a key role in homebuying decisions. Although 97% were employed full-time, 43% used extra income streams to support their property ambitions.
In London, where first-time buyers accounted for 81% of the sample from the capital, affordability remains a major hurdle. Buyers in this region are older on average (36), earn more (£51,000), and save more each month (£760), but face higher property prices averaging £340,600. A majority (65%) were buying alone, and only 16% had dependents.
Elsewhere in England, first-time buyers represented 74% of respondents. These buyers had slightly lower earnings (£34,400), smaller deposits (£23,800), and targeted cheaper homes priced at £220,300 on average.
Scottish buyers, who made up 66% of their regional sample, were typically 35 years old and earned £37,200. They bought properties valued at around £196,500. A notable 58% purchased independently, and only 23% had dependents, pointing to greater financial self-sufficiency.
In Wales, 70% of respondents were first-time buyers. At an average age of 33, they saved more per month (£740) despite having a slightly lower income of £35,300. The region also recorded the highest proportion of buyers with dependents (37%) and the most reliance on additional income (54%).
Northern Ireland had the highest share of first-time buyers (80%) but also the lowest incomes (£29,900) and property values (£177,500). Despite lower monthly savings of £390, these buyers accumulated deposits averaging £28,000—suggesting longer-term planning.
“The first-time buyer market is certainly multifaceted in nature, and our research only goes to underscore that,” said Rachel Geddes (pictured), strategic lender relationship director at Mortgage Advice Bureau. “Just as there is no such thing as a typical first-time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.
“However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain. The average age of a first-time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more.”
Geddes added that understanding these trends is crucial for the policymakers, lenders, and service providers who are looking to support this crucial segment of the UK housing market.
“That being said, the future’s looking bright,” she said. “Demand remains high, and with an increasing number of lenders enhancing their affordability criteria and offering innovative borrowing solutions, there’s never been a better time for aspiring buyers to get on the property ladder.
“With a wealth of opportunities at their fingertips, this is where the expertise of a broker comes into its own, helping customers get mortgage ready with a deal that aligns with their financial and personal goals”
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