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First time buyers are older and seeking independence

Friday, 10 August 2007 12:00 AM

The profile of first-time buyers has been transformed over the past thirty years, according to a study out today.

People are now seven years older when they make their first house purchase, with the average age rising from 27 in 1977 to 34 in 2007, a study by GE Money Home Lending reveals.

House price inflation of 1,436 per cent over the previous 30 years is partially responsible for this trend.

"The fact that taking the first step onto the property ladder now occurs later in life is due in no small part to economic factors such as house prices," stated Gerry Bell, head of mortgage marketing at GE Money.

Changing lifestyles have also played an active role in shaping the profile. Travel, leisure and quality time with friends have replaced buying a home and starting a family as the top priorities for the average 25 year old.

"Younger people are increasingly choosing to reject the more traditional path of family and community and choosing independent living and experience," Mr Bell continued.

As a result buying a house is now seen as a sign of independence and affluence, rather than demonstrating a desire to start a family, and consequently the proportion of people buying with a partner has fallen from 80 per cent in 1977 to a third today, the report reveals.

The desire to start a family has almost halved to a mere 19 per cent, GE Money reports.

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