Halifax ranks places in the UK with the youngest and oldest first-time buyers

12 December 2023 , 00:01

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The data comes from Halifax's latest first time buyer report (Image: Getty Images)

Halifax has revealed the areas of the UK which have the youngest and oldest first time buyers.

House prices in the UK have risen significantly over the last 10 years with the average age for a first time buyer in the UK sitting at 32. This is up from 30 a decade ago. With higher house prices, it means that buyers need a bigger deposit now to get on the property ladder.

Data from Halifax's first time buyer report revealed that Derbyshire Dales in the East Midlands has an average first time buyer age of just 26 with the average deposit sitting at around £33,143. This is a drop of eight years compared to the first time buyer age in 2013 which sat at 34. Halifax says this is the "biggest change" it has seen in its data.

Similarly, Ribble Valley in the North West is this year’s second youngest first-time buyers’ location with an average age of 27. This was a two year drop compared to 2013 which sat at 29. However, this dropping trend is contrasted in Slough in the South East which has seen a three year rise in its first time buyer age.

First-time buyers in the town were 34, on average, in 2013, compared to 37 in 2023. The average deposit in Slough sat at £55,986. This is £22,000 more than the deposit needed in Derbyshire Dales. Orkney Islands is the area with the biggest jump in first-time buyer age in the last decade, going up five years from 27 in 2013, to 32 in 2023.

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Harrow in Greater London also had a first time buyer age however they had a much higher average deposit of £89,253. Richmond upon Thames has the highest average deposit sitting at £127,493 and had a first time buyer age of 35. This is £94,350 more than the average deposit in Deberyshire Dales.

Halifax noted that there is a definite North/South divide in its data with affordability generally being more stretched in the south. The high street bank also noted that income growth in recent months has caused the "house price to income ratio" to fall, further helping first-time buyers in some locations get on the ladder earlier.

However, the priorities of potential first time buyers have shifted as nearly three-quarters of survey respondents have said "current economic challenges" have impacted their plans. A fifth (21%) said they put their buying plans on hold completely and 41% have pushed back their buying plans. Other priorities for first time buyers included paying off larger debts (40%), travelling (31%), and buying a car (27%).

Kim Kinnaird, Mortgages Director at Halifax, commented: “There is no one-size-fits-all option when it comes to something as important as buying a first home, which is why education around what’s involved in the process is so important.

"No matter their situation and no matter their age, potential buyers can check out our comprehensive Halifax First-Time Buyer Report, which contains valuable information and tips to assist individuals as they embark on their journey to home ownership.”

You can read Halifax's first time buyer report here.