Average age of first-time buyer increases

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by Kay Murchie

According to research from mform.co.uk, the consumer website, the average age of first-time buyers is increasing.

mform said first-time buyers under the age of 30 only account for around 34%, compared with 50% in 2007.

This is primarily due to the tightening of lending criteria which has emerged since the credit crunch. As a result, first-time buyers have to save a huge deposit in order to get a foot onto the property ladder.

Last week, the latest Nationwide survey found that UK house prices have fallen for the ninth consecutive month. This represents the biggest annual drop since the building society commenced its survey in 1991.

According to Nationwide, house prices fell by 1.7% in July and fell by 8.1% on a year-on-year basis.

Francis Ghiloni, mform’s marketing and business development director, said the end of the decade-long housing boom ought to be good news for first-time buyers but the mortgage drought has meant that mortgages are much harder to obtain.

The good news for first-time buyers could be in the shape of an announcement from Chancellor Alistair Darling today who said the Government is considering scrapping stamp duty.