- Buyers typically now get on the ladder at the age of 32, according to TSB
There is only one region in Britain where the typical first-time buyer still gets on the housing ladder in their twenties, new data from TSB has shown.
The bank looked at the average age of first-time buyers across England, Scotland and Wales, and found that most were aged either 32 or 33.
In the past year alone, the average age of a first-time buyer in Britain rose from 31 to 32.
House prices have become gradually more expensive in relation to average incomes across several decades, while in recent times higher mortgage rates have also meant some people must earn more in order to buy.
However, in one northern region of the UK, the typical buyer is still purchasing their first home before their 30th birthday.
The average age of a first-time buyer in Yorkshire and Humber is 29 – a drop compared to last year when they were aged 30.
In all other parts of Britain, the average age of a person buying their first home is in their thirties, according to TSB.
The East Midlands and London are home to the oldest first-time buyers, with an average age of 33.
However, while first-time buyers are getting older, TSB found that there was a slight increase in the number getting on the ladder without financial help from their family.
Fewer first-time buyers are relying on the bank of mum and dad to get on the property ladder, according to the bank.
The proportion of first-time buyers receiving money from a friend or family member fell from 34 per cent to 30 per cent over the past 12 months.
This may be because mortgage rates have reduced slightly in the past year, meaning some people might be able to afford the monthly payments with a smaller deposit than they would have needed in the recent past.
TSB found first-time buyers are now taking out slightly shorter mortgage terms of 31 years on average, down from 32 years 12 months ago.
The average mortgage term still has risen from 25 years to more than 30 years over the past two decades, according to UK Finance data.
The mortgage term is the number of years you agree to repay your mortgage for. By lengthening the term of a mortgage, a borrower spreads their repayments over a longer period of time and therefore reduces the monthly costs.
Whilst taking out a longer mortgage term will reduce the monthly costs, it will ultimately mean paying interest for a longer period of time and therefore paying more in the long run.
There also appeared to be more first time buyers looking to get on the ladder in the first three months of this year.
Ahead of the stamp duty changes that came into effect on 1 April, first-time buyers accounted for 32 per cent of all mortgage completions between January and March this year, according to TSB, up from 29 per cent in the same period in 2024.
Craig Calder, secured lending director at TSB, said: ‘Many first-time buyers are continuing to rely on the bank of mum and dad to put down a deposit on their first home.
‘But while it’s taking them slightly longer to get on the property ladder, they’re taking shorter repayment terms when they do.
‘In a competitive mortgage market, first-time buyers should monitor rates and speak to their bank or broker to find the best deal to help them buy their dream home.’