Report highlights increased number of buyers purchasing homes later in life
The proportion of first-time buyers with at least one dependant has doubled from 10% in 2009 to 20% in 2023, mortgage lender Santander has reported.
The lender said the trend indicates a growing number of families entering the property market over the last 14 years.
One factor for the said growth is the rising average age of first-time buyers, with one in five now over the age of 40, Santander’s data has shown. Buyers purchasing homes later in life are more likely to have started families or be caring for older parents.
In 2022, the average first-time buyer was 36-years-old, up from 32 in 2004, according to data from the Office for National Statistics.
“Buying your first home is one of life’s major milestones,” said Graham Sellar (pictured), head of business development for mortgages at Santander. “With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder.
“We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.”
Earlier this year, Santander UK has unveiled new products, including launching 95% loan-to-value new build products, in a bid to widen the options for first-time buyers.
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