Rising UK house prices: 31 is the average age for buying a first home, and it rarely happens without parental support
The average age for Britons to buy their first homes is now 31, up from 28 in 1995 according to Halifax figures.
Over the last 20 years properties have mostly trebled in value from around £61,500 to £196,000, and they are predicted to go up another 25 per cent over he next five years due to high demand.
As a result, most purchases are now made with family support, and research by The Sunday Times shows how 52 per cent of first-time buyers receive cash contributions from their parents.
Mortgage broker John Charcol said the average deposit now put down by new homeowners is £126,000 – up from £55,000 10 years ago.
Lucian Cook, director of residential research at Savills estate agency, said: “The under-35s have borne the brunt of reduced accessibility to homeownership over the past 15 years.”
While it makes long-term financial sense for them to get onto the property ladder, and there is a short-term incentive for them to tap into the historically low mortgage rates available, the size of the deposit they need continues to make it very difficult.