At What Age Do Most People Buy a House?
According to the English Housing Survey, the average age of a first-time home buyer in England in 2023 was 34. What’s more, 13% of first-time buyers were older than 45.
People are buying homes much later than they were just 20 or 30 years ago. However, they’re buying second and third homes at different stages of their lives, too.
So what are the key drivers behind home-buying decisions in the UK these days? And are there any specific obstacles standing between buyers and their ideal homes? Let’s take a look.
The UK age profile of UK home buyers
Overall, the average age of a home buyer in England is 39. When we break this down into distinct persona categories, the results are very interesting.
First-Time Buyers: 34
As property prices continue to rise, young people are finding it increasingly difficult to get on the ladder. According to the UK Government, the average age of a first-time buyer in England rose from 32 to 34 between 2019 and 2024.
Move-Up Buyers: 45
Usually aged between 40 and 50 with higher-than-average incomes, they’ve outgrown their home or have experienced a significant increase in their living standards.
Downsizers: 55+
Usually aged 55 and older, downsizers are either looking to unlock equity or searching for smaller, more practical properties. Some want a larger disposable income during their retirement, while others want to give their children a lump sum to get on the property ladder themselves.
Buying a home for the first time: The factors at play
We know first-timers have been getting older for some years. But what is driving this change? And what help is there for people looking to get a foot on the first rung of the ladder?
First and foremost, a home is a safe haven. Secondly, it’s yours — free from the rules and rent imposed by a landlord. But it’s also an investment. While there might be short-term house price fluctuations, property is still a great long-term investment in the UK.
House-price-to-earnings ratio
According to the Office for National Statistics, the average UK home value is more than eight times larger than the average UK salary. That’s way more than most lenders are willing to offer, which means first-time buyers have to save longer and harder than ever.
This issue varies depending on your income and the cost of the house you need to buy. You can see in the table below how this varies on average from region to region, with London at the highest ratio and the North East at the lowest, or most affordable.
| Region | Average Salary | Average Property | Salary Multiple |
|---|---|---|---|
| Region United Kingdom | Average Salary £37,430 | Average Property £268,652 | Salary Multiple 7.2 x |
| Region | Average Salary £47,455 | Average Property £565,637 | Salary Multiple 11.9 x |
| Region South East | Average Salary £39,038 | Average Property £380,650 | Salary Multiple 9.8 x |
| Region East of England | Average Salary £36,949 | Average Property £339,747 | Salary Multiple 9.2 x |
| Region South West | Average Salary £35,634 | Average Property £304,237 | Salary Multiple 8.5 x |
| Region North West | Average Salary £35,170 | Average Property £209,498 | Salary Multiple 5.6 x |
| Region | Average Salary £34,938 | Average Property £231,040 | Salary Multiple 6.6 x |
| Region | Average Salary £34,401 | Average Property £203,836 | Salary Multiple 5.9 x |
| Region | Average Salary £34,303 | Average Property £209,580 | Salary Multiple 6.1 x |
| Region East Midlands | Average Salary £33,973 | Average Property £242,052 | Salary Multiple 7.1 x |
| Region | Average Salary £32,960 | Average Property £159,142 | Salary Multiple 4.8 x |
Source: Statista, HPI
Support for first-time buyers
If a first-time buyer is lucky enough to have support, they may be able to get on the property ladder earlier, with much less hassle and stress.
Government-backed schemes such as the New Build Boost scheme, or the Government’s First Homes initiative, can reduce purchase prices by up to 50%. Shared ownership can also significantly reduce the cost of getting on the ladder, but it’s not without complications.
Of course, there’s always the “Bank of Mum and Dad”, but not everyone is fortunate enough to have an account.
Average first-time buyer deposit
According to Lloyds Banking Group, the average first-time deposit in 2024 was a little over £64,000. That came at a time when the average price of a first home was more than £311,000.
For most young people, £64,000 is a huge amount, particularly when many of their parents would have got onto the housing ladder with a deposit-paid mortgage.
At what age can you buy a house in the UK?
You must be 18 to buy a property in the UK. Even if you have the cash to buy a home, you must be 18 to take legal ownership. However, property can be held in trust and managed by a trustee until the beneficiary turns 18.
What issues influence house buying decisions?
Our personal journeys and economic circumstances usually dictate when we buy our first home. Yes, having the necessary income and deposit are crucial, but they aren’t the only factors at play.
Mortgage loan-to-value ratio
Even with a big deposit, you’re still looking at an average price-to-earnings ratio of around 6.5:1 when you decide to buy a home. If you haven’t developed equity through natural house price inflation, this probably leaves you in a very tricky situation, as most lenders will only lend 4.5 times your salary.
Stage of life
When we first start work, home ownership is often near the bottom of our list of priorities. However, it doesn’t usually take long for the issue to become important. By our mid-20s, we’re often thinking about the future and economic security. That’s when thoughts of property ownership start taking over.
Social trends
Buying a home is just the done thing in the UK, or at least it used to be. When we settle down and make family life a priority, buying a house becomes the next logical step. Many cultures, including much of Europe, where rent is controlled differently, have a far lower homeownership rate, with most people renting forever. This is perhaps due to different costs and cultural expectations of how we fund ourselves after retirement.
How SAM Conveyancing can help
Once you’ve navigated your way through the sea of homebuying decisions that need to be made, it’s time to search for your ideal home. But when you’ve sacrificed so much to reach this point, protecting your investment is necessary. That’s why a home buying survey is essential.
Our panel of expert local surveyors search for a range of issues that might affect the value of a property, including damp, subsidence, infestations, defective drains, roofing issues, and the presence of asbestos.
Not sure which survey to get? We'll help - call or email on 0333 344 3234 (local call charges apply) / help@samconveyancing.co.uk.
- National coverage with local RICS surveyors.
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What issues get in the way of buying a home?
We’ve already touched on the biggest issue: affordability. But that’s not the only obstacle to overcome.
If you’re in your late 20s or early 30s and haven’t yet bought your own home, you may be thinking now is the time. Or perhaps you’re an empty-nester looking to downsize. Either way, as always, there are some significant issues to overcome before you can collect your keys.
Legal and conveyancing complexities
The conveyancing process can be overwhelming, particularly for first-timers. However, online conveyancing makes the process just a little easier, faster, and more convenient. Of course, problems such as chain breakdowns or slow local authority searches can lead to complications, but they’re easier to navigate with an experienced conveyancing team in your corner.
Specialised needs
Our needs change and evolve as we grow older. When we’re young, simply getting on the ladder is the biggest requirement. But as we grow older, we may have to think about proximity to schools, accessibility, energy efficiency, and short-term price fluctuations.
External barriers
The UK Government estimates that around 300,000 new homes must be built each year simply to keep up with demand. Unfortunately, we’re only building around half that number at best, putting even more pressure on property prices. Other issues, such as Net Zero targets and Stamp Duty rises, are also at play.
Now that you know at what age most people buy a house, you might be ready to take the plunge yourself. You’re not alone. With expert guidance from SAM Conveyancing, you can buy your next home with confidence. Reach out today to arrange a quote for expert online conveyancing services in England and Wales.
- Expert panel of conveyancing solicitors, with local knowledge.
- Your transaction is protected by our No Sale, No Fee policy. Terms apply.
- Fixed fee conveyancing.
- We are on 99% of mortgage lender panels.
- We can solve any property challenge.
Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.
Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.
