Buying your first house evokes feelings of excitement and nerves, as you move from browsing the market to ascertaining a mortgage and finally having an offer accepted on your perfect property.

Getting on the property ladder is something that countless people strive to do, whether as a single buyer or in partnership with a spouse or long term partner. But at what age are people buying their first house in 2024 – and what do you need to do before you can buy your first property?

Average age of a first time buyer

In 2024, the stats show that the average age of a first-time buyer is 34.

This average age has been steadily increasing for the past couple of decades, as the price of housing has risen significantly, and first-time buyers have needed more in the way of deposit savings and credit proof that they can handle the repayments of a mortgage.

What do first-time buyers need to sort out before buying?

Buying a house is undoubtedly an exciting process – but there’s a lot to think about too.

As a starting point, it is important for first-time buyers to understand their affordability and the kind of house price that they can look at. Affordability looks at a number of things, including your income, any committed outgoings, dependents who you will be living with, and any long-term debts that you need to repay.

Your credit score can and will impact your ability to get a mortgage, as will your expenditure and account statements over a set period of time.

Typically, it is recommended for first-time buyers to seek the advice of a mortgage advisor. While these professionals come at a cost, the expertise that they offer in terms of identifying the right mortgage terms for you, and the long-term value that comes with their support as you navigate the end of set rates and remortgaging, is well worth the price. 

From there, you need to determine where you want to live and what your non-negotiables are in terms of a property.

Some of the most common factors that buyers look for in a property include:

·        The number of bedrooms

·        Whether the property has a garden

· Off-street parking / the local parking situation

·        How the home is heated

·        Neighbouring properties, proximity to good schools, etc

Why do house prices vary so much across the UK?

Once you’ve got your affordability and have an idea of what you can afford, you need to put some serious thought into where you want to buy and whether you plan on living in the property yourself or buying it as a rental investment.

There exists a huge discrepancy in house prices across the UK, for example between London and other cities – as well as different expanses of countryside, coastal towns and cities, and more.

There are some destinations and locations in the UK which are considered more desirable than others – with the house prices in these areas significantly higher. In fact, the rate is so different that those using Help to Buy accounts and other benefit features will find that what they can buy inside and outside of London specifically is different.

But it’s not just London that boasts a higher-than-average property price. Certain counties and districts are notoriously expensive to live in, owing to the vast properties and the kinds of residents who live there.

Buying in one of these more expensive locations may require a higher deposit and greater affordability, pushing your timeline back if you need or want to buy in these areas for work.

Suffice to say, it’s possible to buy your first house at a younger age – however, the affordability of most under the average age of 34 will not allow them to buy dream houses in the UK’s more expensive districts and locations.

Tips for first-time buyers

If you’re keen to get on the property ladder and make a move to your first home, here are a few tips to consider…

·        Start saving early

·        Open and make use of a savings ISA, with high interest and other benefits

·        Be realistic when searching for your property, and determine in advance which features are non-negotiables and which you are happy to compromise on

·        Be realistic when putting in an offer, and only look to buy something that you can afford in the long run. If mortgage payments are going to leave you struggling every month, then it’s not worth the stress that buying that property will impose

Finally, be aware that your first home is unlikely to be your forever home and that the chances of being able to afford something that you will live in for decades to come is unlikely in your 20s and early 30s.

The rise in the average age of a first-time buyer only underpins and highlights how much more difficult it is to buy and save up enough money to purchase your first home in 2024. Be realistic but dream big, and don’t buy until you are ready to do so!

Ready to move?

When you’re ready to move, that’s where we come in! Here at A Swift Move, we operate across the UK and can even help with overseas and international moves. Our team is reliable and hands-on and can offer an end-to-end service which will help you to settle in your new home as quickly as possible.

For more information and advice on moving, reach out to us directly. The team is always here to help!