The average age of a first-time buyer has risen to 31, according to Money’s exclusive research. Indeed, the majority only get onto the ladder after receiving help from their families.
Many of their parents bought their first homes while in their twenties using 100% mortgages.
This “battle to buy”, particularly the need for a massive deposit, is freezing young people out of the property market. The banking giant Santander said its first-time borrowers typically put down a deposit of £53,000.
|The 'real' first-time buyer market|
|Lender||Average age||Average deposit|
|Source: The Sunday Times|
Aaron Strutt of the broker Trinity Financial told The Sunday Times: “Many parents feel they have to help their children to buy a home.”