Getting a foot onto the property ladder has always presented challenges. Research suggests FTBs could currently be experiencing the most expensive conditions in 70 years¹.

Who is most affected? 

In the current property market, a successful first purchase often requires two high incomes plus financial support from family members. Therefore, those who are buying alone, have lower incomes or cannot access help from the Bank of Mum and Dad, are most likely to lose out. 

How old? 

Hopeful FTBs are forced to stay at home or in the private rented sector for longer. The average age of a first time buyer is now 36, having risen from 32 in 2004². 

Delaying proceedings 

Ongoing market uncertainty has caused hopeful homeowners to put their dreams on hold; over the last year, 49% of prospective FTBs have postponed their plans³. Just over half (53%) said high house prices were the main reason for delaying, while 41% cited rising mortgage costs. 

Making a compromise 

FTBs will likely need to consider different options if they want to get on the property ladder; 38% of those who have become homeowners in the last five years said they had to compromise. For example, 40% purchased a home that needed some renovation and 34% moved to a different location. 

Decline in homeowners 

Overall, home ownership has fallen in the last 20 years, and the number of residential owner-occupier mortgages has decreased by more than two million since the rate peaked in 2002⁴. The UK has not seen such a low level of outstanding mortgages since the end of the 1980s. 

Advice is key 

We understand the difficulties that first-time buyers may face. You can make your home-owning dreams a reality with the right advice. 

¹BSA, 2024, ²ONS, 2024 , ³Nationwide, 2024, ⁴BSA, 2024 

As a mortgage is secured against your home or property, it could be repossessed if you do not 

keep up mortgage repayments. Think carefully before securing other debts against your home. 

Equity released from your home will be secured against it.

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