The average age for first-time buyers in the UK has climbed to 34 years, demonstrating the challenges faced by younger generations in entering the housing market. This shift marks a significant increase from an average age of 29 in the mid-1990s, according to the latest Home Affordability Index by the Kipton Group. Currently, only 6% of first-time buyers are under the age of 25, a steep decline from 23% in the 1990s, highlighting the growing barriers to homeownership for younger individuals.

In recent years, the profile of first-time buyers has also evolved. The proportion of first-time buyers with children has decreased from approximately 34% to 25% over the past decade, suggesting changing family planning trends among younger generations. Furthermore, the reliance on multiple incomes has significantly increased, with over half (52%) of recent first-time buyers depending on two or more full-time salaries, compared to 40% during the 1990s. This trend points to economic changes that leave single-income families struggling to meet housing costs.

Charlotte Harrison, CEO of Home Financing at Skipton Building Society, emphasizes that first-time buyers are navigating an increasingly difficult market. The rising average age of first-time buyers coupled with the shrinking demographic of younger buyers indicates not just a crisis in housing affordability but also a shift in the social and economic landscape, as generations are forced to adapt to the realities of a much tougher housing market than earlier generations experienced.