Thirty-somethings dominate first time buyer market
According to figures from the National Association of Estate Agents (NAEA) just three per cent of first time buyers were aged between 18 and 30 – an all-time low – compared to 45 per cent of first time buyers aged between 31 and 40.
The low number of younger buyers is despite an increase in the overall number of first time buyers for the first time since April this year.
The vast majority of buyers – – 90 per cent – bought as a couple. In comparison seven per cent bought alone.
Mark Hayward, managing director of the NAEA, said: “Reports from our members suggest that the high house prices of the current housing market are still proving a barrier for the younger generation.
“It is evident that first time buyers are indeed getting older, with the majority of home buyers this month aged 31 to 40, suggesting some correlation between the increase in the first time buyer market and this age group. It is concerning at the lack of young people unable to buy their first home before the age of thirty, having to rent or stay at home for longer in order to save.”