A staggering 58% of first-time buyers claimed that their parents bought their first home at a younger age than them, according to a recent study conducted by Larkfleet Homes and First Time Buyer Magazine.
One average, first-time buyers now are three years older than they were just ten years ago.
Larkfleet Homes CEO Karl Hick said: “This is a reflection on the changing market for home ownership. The age of first-time buyers is rising because house prices are rising faster than real wages. It is becoming more and more difficult for people to get onto the so-called ‘housing ladder’.”
Furthermore, the research revealed that 42% of first-time buyers who are actively house-hunting think the information available to them about house prices is confusing, while just 34% of them think it is informative and 24% claimed it is easy to find.
However, by the time they have gone on to purchase a property, their views have changed.
Among first-time buyers who have completed a purchase in the first year, 38% described the information as informative, 38% said it was easy to find and just 25% said it was confusing.
“It may be that once they get fully involved in house purchase, first-time buyers discover that information is not as difficult to find and understand as they thought initially. Or it may be that more of those who thought available information was informative and easy to find actually went on to make a purchase,” Hick added.
Other results of the survey found that the government’s Help to Buy scheme is particularly important for first-time buyers, with some respondents stating that purchasing a home would not have been possible without it.
First Time Buyer magazine editor Lynda Clark commented: “Getting onto the property ladder is such a different process for first-time buyers today compared with previous generations.
“The different challenges faced by todays’ buyers typically mean that a much larger deposit is required and so inevitably many potential buyers end up delaying the process. With many of the deposit reducing schemes available today, there are new means and ways to take that first step onto the ladder. The key is making sure that new buyers fully understand these schemes and see how they can help them as well as future generations to buy their first home.”
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