Rising house prices push first-time buyers to their 50s

House prices have risen so sharply that more people are waiting until their 50s to buy their first home. According to Financial Conduct Authority data, there has been a 29% increase in over-50s first-time buyers between 2018 and 2022. The number of 18 to 25-year-olds entering the property market has dropped by 8%, while first-time home purchases among those aged 26 to 30 have decreased by 1%. The trend of older first-time buyers is attributed to factors such as affordability challenges, longer saving periods, and extended mortgage loan terms. London has seen the most significant growth in first-time buyers aged 50 or older, followed by Northern Ireland, the East of England, and the South East. The average detached property now costs £457,222, compared to £268,000 in 2013.

The Mail on Sunday (28/01/2024)