The typical age of a first-time buyer has increased from 29 to 34 since 1994/95. Recent data from Skipton Group's Home Affordability Index shows that only 6% of first-time buyers are now aged under 25 – a substantial decline from 23% in the mid-1990s. The profile of first-time buyers is shifting in other ways too.
During the last decade, the proportion of first-time buyers with children has fallen from approximately a third (34%) to a quarter (25%). Meanwhile, reliance on multiple incomes has increased, with 52% of recent first-time buyers now depending on two or more full-time salaries, compared to 40% in the 1990s.
Charlotte Harrison, CEO of home financing at Skipton Building Society, said: "First‐time buyers are already facing a market that looks very different to previous generations, and the prospect of further mortgage rate rises adds an extra layer of difficulty on top of existing affordability pressures.
"Whilst conflicts overseas may feel far removed from the UK housing market, they can increase uncertainty in global financial markets, push up funding costs for banks and lenders, and ultimately feed through into higher borrowing costs for homeowners.
"That makes it even more important for lenders to continue innovating, particularly when market conditions are challenging. By evolving products, improving flexibility and finding new ways to support customers, the industry has a vital role to play in helping keep homeownership accessible at different life stages.
"Although higher rates may test affordability in the short term, there will still be opportunities for first‐time buyers in the months and years ahead. Continued innovation and support will be key to helping people navigate these pressures and take their first step onto the property ladder.", reports the Mirror.
The comments come after research involving 2,000 prospective first‐time buyers found that 79% would be willing to make compromises to secure a property. This willingness to compromise may be linked to timing, with 52% of aspiring buyers reporting they are already purchasing later in life than originally planned.
Outdoor space was identified as the most frequent sacrifice. Others would accept a different property type – such as choosing a flat rather than a house – or the condition of the dwelling.
Almost three quarters (72%) said they would consider moving further afield if it meant they could buy their first home, according to the OnePoll survey. On average, these respondents indicated they would be willing to relocate approximately 12 miles from their preferred area, whilst 7% would consider moving more than 40 miles away.
Aneisha Beveridge, research director for Connells Group, the estate agency and property services provider, which is part of the Skipton Group, said: “It’s not just affordability pressures that have pushed the average age of a first-time buyer higher.
“Demographic changes are increasingly at play too, with more people staying in education for longer, entering the workforce later, and reaching other life milestones – like settling down or starting families – later in life too.
“At the same time, house prices have risen much faster than incomes for much of the last two decades, pushing up the deposit required to buy.
“For renters, strong rental growth in recent years has made saving even harder. Together, these structural trends have reshaped when people are able to step onto the ladder.
“Our analysis shows that a typical first-time buyer purchasing in 2026 will still be paying off their mortgage at around 65 – roughly six years later than the average household finishing their mortgage term today.
“Longer terms are helping buyers manage monthly costs in a higher‑rate environment, but they also mean more people will be repaying into later life.”
