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Average first-time buyer age will by 41 by 2025

Thursday, 30 June 2011 2:31 PM

The average age of a first-time buyer will 41 years by 2025, according to new research released today.

According to LV=, ‘Peter Pan syndrome’ appears to be sweeping the nation as more than 16 million people in the UK say they have delayed at least one major life step including marriage, having a baby or buying a home.

Affordability is the main reason for delay, with 30 per cent stating they can't afford either marriage, children or a house.

This is a big leap from the 1980s, when people bought their first house at an average of 29 years old.

With the majority of people nowadays taking a mortgage for a term of 25 years or more, this delay is likely to have a significant impact on people being able to pay their mortgage off before reaching retirement. The average age of a first-time buyer in the UK today is 38.

Richard Rowney, LV= life and pensions managing director, said: "Faced with high property prices, high inflation, uncertainty over the movement of interest rates and a tough economic climate, it is not surprising Brits are developing ‘Peter Pan syndrome’.

“However, people need to consider the long-term financial impact of delaying major financial steps, particularly if it means they will still have high debts to pay when they are much older and approaching retirement."

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