Levenshulme and Burnage Property News
First-time buyers, who’s buying and for how long?
Tom Simper
May 26, 2023, 12:00 PM
5.5 million households are currently living in their first-time buyer home, the equivalent of over 35% of all owner occupiers.
36% of first-time buyer households are single person households. Over 60% are couples with or without dependent children. One in five of those who live in the first home they bought are aged 65 or more.
Two-thirds of first-time buyers expect to be in their property for less than 10 years. However, 18% expect to live in their property for 20 years or more, rising to 33% of first-time buyers who are aged 45 and over.
Each year, on average over 350,000 first-time buyers step onto the property ladder. The average age is now 34. The Halifax report first-time buyers accounted for 52% of all home purchase loans in 2022. Source: Dataloft, DHCLG, Property Academy Home Moving Trends Survey 2022.
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