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
Most popular type of property for 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 discuss@gw.legal with your question.
Who are GWlegal? We’re a national firm with local values.
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