More first-time buyers applied for mortgages in February than any month since March 2022, with applications for the month totalling 49,982. This year’s Q1 numbers are similar to 2021’s figures for the same quarter, where the total value of first-time buyer applications was £24.7bn . And the statistics keep coming! The average age of first-time buyers in the UK has been increasing over the years due to factors such as rising property prices and affordability challenges. Recent data shows that the average age of FTBs is around 34 years old. Data from Santander UK reveals that nearly one in five (18%) first-time buyers are now aged 40 or over with the oldest customer helped by Santander to buy their first home in 2024 being 67 years old - nearly double the average FTB age . The size of deposits required by FTBs obviously, vary depending on location and property prices. But on average, FTBs typically put down a deposit of around 1520% of the property's value. Given the above it should be no surprise that according to a report by the Building Societies Association, FTBs are facing the toughest conditions in 70 years to buy a home and were increasingly reliant on having two high incomes or receiving parental support . 03 THE SECTOR IS FIGHTING BACK... Amount of First-Time Buyers according to Guardian 0,000 100,000 200,000 300,000 400,000 2023 2022 2013 [3] Mortgage Strategy - First-time buyer lending doubles in February www.mortgagestrategy.co.uk/news/first-time-buyer-lending-doubles-in-february/ [4] Santander – Santander reveals one in five first-time buyers is now over 40, as it helps 67 year old buy first home in 2024 www.santander.co.uk/about-santander/media-centre/press-releases/santander-reveals-one-in-five-first-time-buyers-is-now [5] BBC News - First-time buyers face toughest test for 70 years www.bbc.co.uk/news/articles/c87zgx42m5go 3 4 5 0 400,000
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