Are things improving for first-time buyers?

When we learned that the average age of first-time buyers (FTBs) has crept up to 38 years old nationally, we raised an eyebrow. But our jaws dropped when we read the average age to buy a first home in London is currently 43 years old (1)

Depending on your source, surveys revealing the average age of FTB's range between 35 years old across the country (2) to an incredulous London figure of 52 years old. (3)

London has the highest house prices in the UK and mortgage lending to FTBs has seen a sharp downturn since the housing market peaked and crashed from 2007-2008. At July 2007's peak, there were nearly 30,000 mortgage products of which 17,756 were geared towards FTBs.(4)

Mortgages are changing... Fast forward to July 2011 and 312 mortgages were found to be available to those

(1) moneysupermarket.com, 20-05-11 Melanie Wright

(2) the Telegraph, 02-09-11 and The Post Office, 02-09-11

(3) findaproperty, 08-06-11 Samantha Baden

(4) the Guardian, 07-07-09 Sandra Haurant and Hilary Osbourne

Published on 20 December 2011

Written by Jane