uk ftbs should head north research shows
News Posted On: 29 September 2011
The average age of first-time buyer in the UK is now 29, but according to research from the Halifax there can be up to 10 years difference depending on the area of the country.
The youngest first-time buyers can be found in Selby, North Yorkshire where the average age is just 25, compared to Harrow in London, where the average first time buyer is the oldest at 34. Other areas where first-time buyers are younger than average include Cleveland and Redcar in the north-east, Barrow in Furness in Cumbria, South Ribble in Lancashire and Bolsover in Derbyshire, where the average age is just 26.
The youngest first-time buyers in the south of England are to be found in South Gloucestershire and Swale in Kent, where the average age is 27. The average age for first-time buyers for any area in Scotland's Midlothian is also 27.
Not surprisingly average house prices in these areas tend to be relatively low, and are priced around 25% to 40% less than the national average. The average house price to earnings ratio also tends to be less than four, as Selby has an average price to earnings ratio of 2.9, while in Barrow in Furness and Bolsover the ratio is three.
The picture is quite different in the south-east of England, especially in London, as the average house price is £224,000, 66% higher than the national average. Although there has been a lot of press reports about first-time buyers becoming older, records show the age has been pretty stable. In 1983 the average age was 28, which is just a year younger than today. The main difference is that many now require help from relatives in raising a deposit.
View property for sale in England
Written by Les Calvert
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