BRITISH home buyers seem to be getting younger. The average first-time buyer trying to get on the property ladder in the UK is not as old as five years ago, new research has found.
Overall, those applying for all kinds of mortgages are younger, with the majority over the last 12 months aged 36 to 40, while most requests in 2012/2013 were from 41 to 45-year-olds.
The research from the Clydesdale and Yorkshire Banks also reveals that in the last year alone 30 per cent of first-time buyer applicants were aged 26 to 30-years-old and 22 per cent were aged 21 to 25.
The banks have been dealing with one mortgage application every 15 minutes and they believe that this is due to the rising rents across the UK and the long-term financial benefit of home ownership.
Hopeful buyers are attracted by the monthly mortgage payments being lower than rent.
“The financial issues with renting have been well documented and so people are being urged to save for a deposit in order get onto the property ladder as early as possible,” said Caroline Graham, Clydesdale and Yorkshire Bank’s head of mortgages.
“We’ve also been in a prolonged environment of historically low interest rates and even as the base rate starts to rise many monthly mortgage repayments cost less than rent so consumers are better off.”
She added: “With high rental costs causing financial strain to many, it’s positive to see the age of customers applying for a mortgage is decreasing.”
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