UK First-Time Buyer Numbers Hits Highest Levels In Over 20 Years

Published: 24/02/2022

If you’re a first-time buyer, now might be the best time to look at securing your first home!

Although the property market has seen some uncertain times in recent years with the global pandemic, it has recently been reported that UK first-time buyer numbers hit its highest level in over 20 years, spanning back to 2002.

Figures published by Yorkshire Building Society show that an estimated 480,300 first-time buyers successfully got themselves on the property ladder throughout 2021, which was a staggering 35% increase on the 303,000 transactions in 2020.

The previous peak for the first-time buyer market was way back in 2002 when over 531,800 was estimated to have secured to the keys to their first home.

How much was the average house price for first-time buyer

On average, first-time buyers were paying £264,140 for properties throughout 2021, according to Halifax.

Most popular type of property for first-time buyers

In recent years, three-bedroom semi-detached houses have become the most popular property type among first-time buyers.

How old is the average first-time buyer

According to recent data from Halifax, it is thought that the average age of first-time buyers purchasing properties in 2021 was around 32 years old, which is a three-year increase from the decade previous when the average age of first-time buyers was around 29 years old.

Below shows the average age of homebuyers in different regions throughout the UK:

London = Average age 33 years old

North East and North West (England) = Average age 31 years old

Wales = Average age 31 years old

Where are the most affordable areas for first-time buyers

Elsewhere, Nationwide’s affordability report was recently published and showed that the following areas are considered some of the most affordable areas for first-time buyers:

County Durham, North East - £102,267 average house price

Merthyr Tydfil, Wales - £108,879 average house price

Stoke-on-Trent, West Midlands - £116,890 average house price

Copeland, Cumbria - £119, 007 average house price

Barnsley, Yorkshire - £125,102 average house price

Great Yarmouth, East of England - £160, 516 average house price

We provide fantastic conveyancing services for first-time buyers

If you’re a first-time buyer looking to secure the keys to your first property in 2022, you are going to need an experienced property solicitor on your side.

This is where we can help! At GWlegal, we have decades of experience in property law, helping thousands of client’s complete property purchases for over three decades!

Our friendly team of property professionals are just a phone call away!

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call us on 0345 373 3737 email us with your question.

Who are GWlegal? We’re a national firm with local values.

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Content correct at time of publication.

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