Most expect to be 35 before owning a home
Friday, 19 August 2011 2:57 PM
Most homebuyers expect to be 35 years old before they take possession of their first home, according to new research out today.
New research from Post Office Mortgages reveals the steady increase since the 1960s in the age most people expect to be when they buy their first property.
Those who bought their first home in the early 1960s were, on average, just 23 years old, significantly lower than today’s expected average age.
Women who do not yet own a property are slightly more optimistic than men, expecting to buy a home at 34, compared to the male expected average of 37 years old.
However, first-time buyers with Post Office Mortgages are just 30 years old on average, suggesting that some people may be able to afford to buy a home sooner than they think.
Over half of would-be buyers aged 25-34 don’t think they will ever be able to afford to buy a property, while half of prospective homeowners aged 25-34 said they won't be able to afford the deposit unless circumstances change.
Would-be buyers living in London are having the most difficulty when it comes to raising a deposit, with high prices in the capital likely to be standing in their way as 43 per cent said they couldn’t afford the deposit without a change in their circumstances. This compares to the national average of 37 per cent.
Potential buyers in the West Midlands buck the overall trend – just 22 per cent of people in this region said raising the deposit is the main barrier.
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