The trade body revealed the average age of a first-time buyer (FTB) was 29, while the average FTB mortgage stood at £110,000.
In its study, the CML also revealed over 54 per cent of FTBs pay Stamp Duty, up from the May total of 52 per cent.
In its study of home movers, it revealed the average age of a home owner was 37, down from the May age of 38. It also revealed 82 per cent of home movers were subject to Stamp Duty tax, up from 81 per cent in May.
The average home mover mortgage was £125,580 in June, the study indicated, rising from the May total of £123,231.
Hugh Nichols, partner at Badbury Berkeley Mortgage Services was unsurprised by the findings. He said: “I would think that, nationwide, 29 is about the right age for the average first-time buyer. The age reflects that house prices are moving up fast, while incomes are staying still. A growing number of borrows are looking at 100 per cent mortgages, but it is best to save and have a deposit, although it may take longer to do so.”
He added: “There are very few properties that are exempt from Stamp Duty tax, so I’m not really surprised the number of buyers subject to the tax has grown.”
James Carter, IFA at Virtue Financial, said: “With more people going to university and more debt as a result the age will continue top rise for first-time buyers. The amount of people paying Stamp Duty tax will also rise so long as the Treasury continues to raise the Stamp Duty limits by a smaller percentage than house price increases.”
