Average age of first-time buyers in North West revealed - and how much you'll need to save to buy a house

Anyone looking to get on the property ladder in the near future may be wondering how much they'll need to save, and how long it might take them. Recent reports indicate that first-time buyers are facing the toughest conditions for purchasing a home in the last 70 years.

With this daunting reality in mind, Mojo Mortgages have analysed mortgage applications between April 2022 and 2024 to reveal the average age of first-time buyers across the UK, showing regional differences and each area's typical deposit amounts.

The data shows that across the UK, the average age of a first-time buyer is 33 years and 8 months, which reflects the increasing difficulties young adults are facing in saving for their first home. Furthermore, a recent report by Lloyds Banking revealed that in 2023, the average deposit for first-time buyers was a hefty £53,414, with the average mortgage amounting to £234,722.

READ MORE: The cheapest and most expensive postcodes to buy a home in Greater Manchester this month

John Fraser-Tucker, Head of Mortgages at Mojo Mortgages said: “These figures highlight several financial challenges that first-time buyers in 2024 are facing.

“Firstly, a combination of stagnant wages and the cost-of-living crisis has made it harder for buyers to save a deposit due to a lack of disposable income. Higher living expenses, including rent, utilities, and daily costs, make it increasingly difficult to set aside money for a deposit.

“These obstacles collectively push the average age of a first-time buyer higher, delaying the dream of homeownership for many. A recent survey by Uswitch revealed that 53 percent of renters cited ‘affordability’ as the main reason for them not planning on buying a home in the next five years.”

How the average first-time buyer age varies by UK region

While Mojo Mortgages internal data shows that the average age of a first-time buyer is 33 years and eight months, this figure can vary significantly depending on the area.

Here is the ranking of regions from the youngest to the oldest average first-time buyer age, along with the average deposit needed to buy in each area.

The research revealed that first-time buyers in Wales tend to join the property ladder the earliest, at just 31 years old. In this region, the average first-time buyer saves a 22 percent deposit (£36,350) and secures a mortgage of £163,580.

Following closely are first-time buyers in the North East, who typically purchase their first home at an average age of 32 years and 2 months -13 months later than their Welsh counterparts. However, they manage to save a much lower deposit percentage at 14 percent (£29,740).

Next is the north west, where the average first-time buyer is 32 years and 5 months old. Here, the typical deposit for a first-time buyer is 17%, amounting to £35,581.

On the other end of the spectrum is London. The average first-time buyer in the capital purchases their first property at 36 years and 8 months old, which is nearly six years later than in Wales.

One of the biggest hurdles for first-time buyers in London is saving for a deposit, which is naturally more challenging in the UK’s capital. In London, the average first-time buyer saves £108,848, more than three times the lowest deposit of £29,740 in the North East.