First Time Buyers statistics 2024
As the age of first time buyers continues to increase. Jukes Estate Agents Harlow look at the latest data just released by the government (https://www.gov.uk/government/collections/english-housing-survey).
Currently the average age of a first time buyer is 33 years 8 months.
First Time Buyers weekly gross income
The following figures are based on the last 975,000 first time buyers:
33,000 or 3.4% have a gross weekly income of £85-£372 per week.
104,000 or 10.7% have a gross weekly income of £372-£627 per week.
249,000 or 25.6% have a gross weekly income of £627-£952 per week.
316,000 or 32.4% have a gross weekly income of £952-£1,437 per week.
273,000 or 28% have a gross weekly income of £1,437-£2,401 per week.
Deposit & type of mortgage
The average deposit for a first time buyer is £55,372.
30,000 first time buyers or 3.4%, got a mortgage with 0% deposit.
146,000 first time buyers or 16.3%, got a mortgage with between 1-9% deposit.
361,000 first time buyers or 40.5%, got a mortgage with between 10-19% deposit.
192,000 first time buyers or 21.6%, got a mortgage with between20-29% deposit.
117,000 first time buyers or 13.2%, got a mortgage with between 30-99% deposit.
45,000 first time buyers or 5% paid cash and therefore needed no mortgage.
Type of mortgage
801,000 or 96.3% of first time buyers took a repayment mortgage.
31,000 or 3.7% of first time buyers took another type of mortgage.
Length of mortgage
60,000 or 7.3% of first time buyers got a mortgage between 1-19 years.
316,000 or 38.2% of first time buyers got a mortgage between 20-29 years.
451,000 or 54.5% of first time buyers got a mortgage of over 30 years.
Source of deposit
807,000 or 84.8% of first time buyers used their savings for their deposit.
292,000 or 30.7% of first time buyers used a gift or loan from friends & family for their deposit.
86,000 or 9.1% used inheritance for their deposit.
115,000 or 12.1% used another source.
Sole or joint owners
485,000 or 49.8% of first time buyers were sole buyers.
467,000 or 47.9% of first time buyers got a joint mortgage.
22,000 or 2.3% of first time buyers got another type of mortgage.
What do Jukes Estate Agents Harlow say?
First Time Buyers statistics 2024
Co owner of Jukes Estate Agents Harlow Geoff Flewers says: ” As usual, Harlow sits in line with national England property market stats. When it comes to sole or joint mortgages though, the figures are quite different. Around 72% of first time buyers are joint mortgages which bucks the trend of 47.9% nationally.
“I expect the amount of first time buyers to fall in the first half of 2025. However, if mortgage rates fall in the second half of 2025, then figures should improve.