Looking for your first home and getting your foot on the property ladder is a massive milestone in your life, but there are some things you need to consider before you buy. Along with saving up for a deposit and finding the perfect home, you also need to find the best first-time buyer mortgage for you. We look at the latest statistics on first-time buyers in the UK.
According to government data, the average age of a first-time buyer in England is now 33 years and 6 months, an increase of around 2 years since 2012 and more than 3 years since 2007. The age of a first-time buyer has been mostly trending upward since the banking crisis in 2007 and 2008, in part due to stricter mortgage lending rules and house price rises.
According to a separate report from Halifax, the average age of a first-buyer in the UK as a whole in 2023 was 32, up from 30 in 2013.
| Year | Average age of a first-time buyer in England |
|---|---|
| 2023 | 33.5 |
| 2022 | 33.5 |
| 2021 | 32.4 |
| 2020 | 32.2 |
| 2019 | 32.9 |
| 2018 | 32.9 |
| 2017 | 33.2 |
| 2016 | 32.4 |
| 2015 | 32.5 |
| 2014 | 32.8 |
| 2013 | 32.4 |
| 2012 | 31.6 |
| 2011 | 32 |
| 2010 | 31.9 |
| 2009 | 31.7 |
| 2008 | 30.9 |
| 2007 | 30.3 |
The average age of a first-time buyer in London is now over 35, more than 2 years older than the average age of a first-time buyer outside of London. This has increased from a first-time buyer age of 31 years and 7 months in the capital in 2012 but is down from a decade-high of almost 37 years old in 2019.
| Year | Average age of a first-time buyer in London | Average age of a first-time buyer outside of London |
|---|---|---|
| 2023 | 35.3 | 33 |
| 2022 | 33.8 | 33.4 |
| 2021 | 33.8 | 32.1 |
| 2020 | 34.5 | 31.8 |
| 2019 | 36.7 | 32.1 |
| 2018 | 34.5 | 32.6 |
| 2017 | 34.1 | 33.1 |
| 2016 | 32.6 | 32.3 |
| 2015 | 32.9 | 32.5 |
| 2014 | 35.7 | 31.8 |
| 2013 | 32.2 | 32.4 |
| 2012 | 31.6 | 31.6 |
| 2011 | 32.5 | 31.9 |
| 2010 | 32.8 | 31.7 |
| 2009 | 33.6 | 31.3 |
| 2008 | 32.7 | 30.5 |
| 2007 | 33 | 29.7 |
In 2023, there were 293,339 first-time buyers in the UK. This is down 21% from 2022 when there were a total of 369,870 first-time buyers. During the last decade, there have been an average of 335,978 first-time home buyers each year.
The South East had the highest number of first-time buyers in 2023, with 57,490 residents purchasing their first home. This is followed by Greater London, where there were 38,684 first-time buyers. Although prices and deposits are higher in these regions, they are still highly populated areas, so properties for first-time buyers are in demand!
Northern Ireland had the lowest number of first-time buyers at 8,353, followed by East Anglia (10,602) and Wales (12,641).
| Year | Number of first-time buyers |
|---|---|
| 2013 | 258,210 |
| 2014 | 310,280 |
| 2015 | 298,200 |
| 2016 | 328,500 |
| 2017 | 345,920 |
| 2018 | 353,120 |
| 2019 | 351,260 |
| 2020 | 303,980 |
| 2021 | 405,310 |
| 2022 | 369,870 |
| 2023 | 293,339 |
The average house price for a first-time buyer in 2023 was £288,136, down 5% from the average first-time buyer house price of £302,008 in 2022.
House prices for first-time buyers vary across UK regions, with the highest average price of £492,234 in London. The second highest prices for first-time buyers can be found in the South East of England, with the average house price at £353,724.
Northern Ireland boasts the lowest average house price for first-time buyers, with an average cost of £174,337, followed closely by the North East with an average price of £174,693.
London house prices for first-time buyers are 1.7 times higher than the UK average, while house prices in Northern Ireland are just two-fifths (60%) of the average house price in the UK. There is a substantial difference in house prices in different parts of the UK, which is a factor many first-time buyers will want to consider.
| Region | Average first-time buyer house price |
|---|---|
| London | £492,234 |
| South East | £353,724 |
| East of England | £327,926 |
| South West | £273,968 |
| West Midlands | £236,253 |
| East Midlands | £235,941 |
| North West | £215,655 |
| Yorkshire and The Humber | £204,178 |
| Wales | £199,930 |
| Scotland | £188,670 |
| North East | £174,693 |
| Northern Ireland | £174,337 |
The average first-time buyer deposit in the UK is £52,414, approximately 19% of the average house price for a first-time buyer, which is £288,136.
However, the average deposit for a first-time buyer in London is £108,848, more than double the national average! The South East follows London and is also higher than the national average, with an average deposit of £59,075.
In other regions across the UK, you can expect to pay less than the national average for your deposit. The North East has the lowest average first-time buyer deposit of £29,740. This is almost a quarter of the average London deposit for first-time buyers.
| Region | Average first-time buyer deposit |
|---|---|
| London | £108,848 |
| South East | £59,075 |
| East of England | £52,682 |
| South West | £49,135 |
| Scotland | £39,691 |
| West Midlands | £37,459 |
| Wales | £36,350 |
| East Midlands | £36,139 |
| North West | £35,581 |
| Yorkshire and The Humber | £33,208 |
| Northern Ireland | £31,948 |
| North East | £29,740 |
The average deposit percentage for UK first-time buyers was 19% in 2023, meaning they would have to take out the remaining 81% as a mortgage.
You can have a minimum of 5% of the purchase price as a deposit to buy your first home and take out the remaining 95% as a mortgage. Generally speaking, if you can put down more as a deposit, you can access better deals and rates on your mortgage.
Londoners take the crown for the largest deposit as a percentage of the house price, at 22%. First-time buyers in the East Midlands are putting down the smallest deposit percentage, at 15% of the overall purchase price on average.
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
From the average mortgage payment and debt to how many outstanding mortgages there are, we explore the latest mortgage statistics in the UK.
A breakdown of what you might pay monthly over the life of a £1,000,000 mortgage.
A breakdown of what you might pay monthly over the life of a £450,000 mortgage.
A breakdown of what you might pay monthly over the life of a £400,000 mortgage.
A breakdown of what you might pay monthly over the life of a £100,000 mortgage.
A breakdown of what you might pay monthly over the life of a £250,000 mortgage.
Fix your mortgage for 10 years and shield yourself from future interest rate hikes. Compare now to find the right mortgage for you.
A fixed rate mortgage can offer you stability and peace of mind. Find out if a three year fixed rate mortgage is right for you.
A 5-year fixed rate mortgage will see your repayments remain stable for the 5-year term. Find out more in our in-depth guide.