Two thirds (67%) of borrowers who purchased a property in 2024 were first-time buyers, research by Mortgage Advice Bureau (MAB) has found.

MAB's data analysis of its MyMAB and Homebuying apps showed that in 2024, the average first-time buyer in the UK was 34-years-old and had a deposit of £24,500.

The study revealed that 31% of first-time buyers in this period have dependents, and while 97% were in full-time employment, 43% had to leverage additional income on top of their salaries to support their homeownership goals.

MAB said that the findings underscore the "critical role" that first-time buyers play in the UK housing market, with the remaining percentage of borrowers split across home movers (19%) and those remortgaging their current property (14%).

However, MAB revealed that although prospective first-time buyers in London had considerably larger salaries and deposits available, they face a longer buying journey of 18 months.

This compared to a 12-month journey across the rest of England.

In Wales and Scotland, the average first-time buyer ages stood at 35 and 33, respectively, in 2024.

Strategic lender relationship director at MAB, Rachel Geddes, said that the first-time buyer market is "multifaceted in nature" and the firm’s research underscores that.

She added: "Just as there is no such thing as a typical first-time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.

"However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain. The average age of a first-time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more. Understanding these trends is crucial for the policymakers, lenders, and service providers who are looking to support this crucial segment of the UK housing market.

"That being said, the future's looking bright. Demand remains high, and with an increasing number of lenders enhancing their affordability criteria and offering innovative borrowing solutions, there’s never been a better time for aspiring buyers to get on the property ladder."

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