The age at which individuals are purchasing their first home has seen a notable increase from 29 to 34 since the mid-1990s. Recent data from the kipton Group’s Home Affordability Index indicates a significant shift, with only 6% of first-time buyers now being under 25, down from 23% in the 1990s.
In the last decade, the proportion of first-time buyers with children has decreased from approximately 34% to 25%. Concurrently, there has been a rise in the reliance on multiple incomes, with 52% of recent first-time buyers depending on two or more full-time salaries, as opposed to 40% in the 1990s.
Charlotte Harrison, the CEO of home financing at Skipton Building Society, highlighted the challenges faced by first-time buyers in today’s market. She emphasized the impact of global events on mortgage rates and urged lenders to innovate and provide support to make homeownership feasible across different life stages.
Research involving 2,000 aspiring first-time buyers revealed that 79% are willing to make concessions to enter the property market. Sacrifices may include compromising on outdoor space, opting for a different property type, or considering the condition of the home.
Aneisha Beveridge, research director for Connells Group, noted that besides affordability pressures, demographic shifts such as prolonged education, delayed entry into the workforce, and later life milestones have contributed to the rise in the average age of first-time buyers. Rising house prices and challenging rental market conditions have further shaped the timeline for individuals to become homeowners.
Analysis suggests that first-time buyers in 2026 may be repaying their mortgages until around the age of 65, indicating a shift towards longer mortgage terms to manage costs in a high-rate environment. This trend implies that more individuals will be repaying mortgages later in life, reflecting the evolving landscape of homeownership.