Would-be first-time buyers ‘expect to be nearly 40 when they purchase home’

Aspiring first-time buyers typically expect to get on the property ladder when they are more than a decade older than existing home owners, research suggests.

On average, people expect to be able to buy their own home as their 40th birthday looms, when they are 39, HSBC UK’s survey found.

This is 11 years older than those who already own their home, who were 28 on average when they bought their first property.

More than half of those looking to buy their first home already have a family to support, according to the research.

Two thirds (64%) of people wanting to buy expect to make their purchase with someone else, the survey found.

Aaron Shinwell, HSBC UK’s interim head of mortgages and savings, said: “It is encouraging to see recent figures showing that first time buyer activity is increasing.

“It is a concern, however, that the expectation of first-time buyers is that they will not be able to get on the property ladder until they are 40 years old, especially as more than half of those looking to get on the property ladder already have children to support.”

More than 2,200 people were surveyed across the UK.

Read Full Story

FROM OUR PARTNERS