In 2022, the average first-time buyer was 36-years-old, up from 32 in 2004, according to data from the Office for National Statistics.
“Buying your first home is one of life’s major milestones,” said Graham Sellar (pictured), head of business development for mortgages at Santander. “With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder.
“We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.”
Earlier this year, Santander UK has unveiled new products, including launching 95% loan-to-value new build products, in a bid to widen the options for first-time buyers.
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