According to GoCompare, the average age of a first-time buyer in the UK, is 33, a figure that has remained unchanged since 1990.
Interestingly, fewer people under 25 are becoming homeowners, showing an 18.1% drop, while there’s a 9.5% rise in first-time homebuyers between 35 and 44 years old. This suggests that most new homeowners are in their late 20s to early 30s.
Ceri McMillan, a home insurance specialist at GoCompare, noted, “It’s quite remarkable that the average age for first-time buyers hasn’t really shifted over time.
During these tough economic times, affording a house is challenging, and the costs don’t cease after buying one. It’s important, then, to look at the ongoing expenses for different types of homes and consider the range of insurance options.”
People generally buy new builds at an average age of 36, whereas the average age for those buying older homes is slightly higher, at 37.
In the UK, the preference is towards older houses, with 64% of people identifying an older property as their ideal home, budget permitting.
