The average age of first time buyers in Plymouth is now 30 years and 6 months!
With the General Election now behind us, it’s interesting to look at the role of the First Time Buyer in the housing market. For many years, young people have always aspired to get their foot on the housing market and own their first home. With the demise of the Buy to Let investor over recent years, first-time buyers play a pivotal role in the UK housing market and represent a key driver of demand for the start of many property chains.
The average age of First Time Buyers has been steadily rising over the last few decades as property has been less and less affordable in some parts of the country. However, schemes like shared ownership and help to buy have helped young people to get on the ladder at an earlier age.
We’ve used data from ResiAnalytics which uses affordability measures to calculate the average age of First Time Buyers in the local market. The data shows that the average age of a FTB in Plymouth is 30.5, with the national average being 30. It’s not surprising that the age of first-time buyers is significantly higher in London with some sources quoting an average age of 37, thanks to rapidly rising house prices and escalating rents making it increasingly hard for tenants to save for a deposit!
The average price of a home in the Plymouth area is £238,000 which means buyers need to stump up around £23,000 for a deposit. Add into the equation average gross earnings of residents in the area, which sit at £23,524, you can start to see why the picture in our area looks like it does and so many FTBs are taking advantage of shared ownership and help to buy schemes!
If you’re thinking of purchasing your first property, visit our offices for a friendly chat and we can discuss all the options available. It looks like post-election won’t see any dramatic change in the local housing market; with a steady increase in prices predicted, together with low interest rates for the foreseeable future, it’s a great time to buy and take benefit of the many schemes available to assist you buy your first home.