England: average age first-time homebuyers 2023

In 2023, the average age of recent first-time buyers in London was slightly higher than the England average. Across the UK, first-time buyers accounted for approximately 362,000 transactions during 2022.

First-time buyer prices and mortgages

In London, the average value of a mortgage for first time buyers was far higher than all other regions in the UK. Apart from the initial cost of a down payment, those that can afford to, see monthly payment savings against those renting. In certain parts of the country, annual savings of buying against renting saw first time buyers amounted to over two thousand British pounds.

Help to buy

To encourage first-time buyers, the UK government started the "Help to buy" scheme. The scheme sees people saving for a first-time home receive a 25% bonus to their savings when purchasing a house valued at 250,000 British pounds (450,000 British pounds in London). Between December 2015 and March 2018, the North West of England saw the highest number of Help to buy ISA bonuses paid.

Average age of recent first-time homebuyers in England from 2005 to 2023

Characteristic	London	England excluding London
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Release date

December 2023

More information

Region

United Kingdom (England)

Survey time period

April 2022 to March 2023

Number of respondents

11,205 respondents

Special properties

The survey included 9,752 interviews and 5,284 physical surveys.

Method of interview

Face-to-face interview

Supplementary notes

The source classifies 'recent first time buyers' as those who have been residents for less than 3 years.
This statistic is using original data from the Department for Levelling Up, Housing and Communities and includes copyright material from © Crown, licensed under the Open Government License v3.0

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