The average first time buyer has changed drastically over the past 17 years. Despite having a rapidly growing population, the United Kingdom has seen a drop in the amount of first time buyers per year, as house prices and the amount of deposit required has risen steeply.
In 2000, the average first time buyer was only required to save £7,600, as they were looking at purchasing homes at around the £76,000 mark.
Since 2000, the number of first time buyers has dropped by 27.6%, as buyers face prices of £171,870 on average. This has meant that the buyers have had to save a much larger sum of money before they apply for their first home.
The most affordable areas
Despite property prices soaring since 2000, you can still get a house at a lower price if you’re flexible about where you want to live.
These are the 3 top most affordable areas for first time buyers in the UK:
1. Burnley, Lancashire – England
2. East Ayrshire – Scotland
3. Blaenau Gwent – South Wales
The average British homeowner
So, what happens after buyers have bought their first home? These are a few facts about the average home owning Brit:
– They will live in 7 different properties throughout their life
– It takes 4 months and 3 weeks to feel at home in their new property
– They will spend £26,295 on redecorating over the course of their lifetime
– They will downsize at 56 years old
– They’ll live in 2 different cities
What are the options for first time buyers?
If you are thinking of buying your first home, and are feeling a bit worried after reading these statistics, don’t panic!
There are a few options out there than can help you out as you save for your first home. The government has set up Help to Buy schemes which can help home buyers buy properties including new builds, shared ownership homes, and properties in London.
Find out more about Help to Buy schemes here.
If you are buying your first home, remember to get a survey – read about why surveys are important here.