Looking for your first home and getting your foot on the property ladder is a massive milestone in your life, but there are some things you need to consider before you buy. Along with saving up for a deposit and finding the perfect home, you also need to find the best first-time buyer mortgage for you. We look at the latest statistics on first-time buyers in the UK.
First-time buyer statistics: Highlights
The average age of a first-time buyer in the UK is 33.5 years.
The average house price for a first-time buyer in 2024 was £311,034, up 8% from £288,136 in 2022.
The average first-time buyer deposit was £61,090 in 2024, 20% of the purchase price.
There were 341,068 first-time buyers in the UK in 2024, up 19% from 287,060 first-time buyers in 2023.
There were 341,068 first-time buyers in the UK in 2024, up 19% from 287,060 first-time buyers in 2023.
County Durham in the North East is the cheapest place for first-time buyers in England.
Inverclyde in Scotland is the cheapest place for first-time buyers in the UK.
What is the average age of a first-time buyer in the UK?
According to government data, the average age of a first-time buyer in England is now 33 years and 6 months, an increase of around 2 years since 2012 and more than 3 years since 2007. The age of a first-time buyer has been mostly trending upward since the banking crisis in 2007 and 2008, in part due to stricter mortgage lending rules and house price rises.
What is the average age of a first-time buyer in London?
The average age of a first-time buyer in London is now over 35, more than 2 years older than the average age of a first-time buyer outside of London. This has increased from a first-time buyer age of 31 years and 7 months in the capital in 2012 but is down from a decade-high of almost 37 years old in 2019.
Year
Average age of a first-time buyer in London
Average age of a first-time buyer outside of London
2023
35.3
33
2022
33.8
33.4
2021
33.8
32.1
2020
34.5
31.8
2019
36.7
32.1
2018
34.5
32.6
2017
34.1
33.1
2016
32.6
32.3
2015
32.9
32.5
2014
35.7
31.8
How many first-time home buyers are there per year?
In 2024, there were 341,068 first-time buyers in the UK. This was up 19% from 2023, when there were a total of 287,060 first-time buyers. During the last decade, there have been an average of 335,870 first-time home buyers each year.
The South East had the highest number of first-time buyers in 2024, with 67,200 residents purchasing their first home. This is followed by Greater London, where there were 44,521 first-time buyers. Although prices and deposits are higher in these regions, they are still highly populated areas, so properties for first-time buyers are in demand!
Northern Ireland had the lowest number of first-time buyers at 9,259, followed by East Anglia (12,693) and Wales (14,772).
What is the average house price for a first-time buyer in the UK?
The average house price for a first-time buyer in 2024 was £311,034, up 8% from the average first-time buyer house price of £288,136 in 2023.
House prices for first-time buyers vary across UK regions, with the highest average price of £511,514 in London. The second highest prices for first-time buyers can be found in the South East of England, with the average house price at £367,974.
The North East boasts the lowest average house price for first-time buyers, with an average cost of £180,834, followed closely by Northern Ireland with an average price of £194,323.
London house prices for first-time buyers are 1.6 times higher than the UK average, while house prices in the North East are just two-fifths (58%) of the average house price in the UK. There is a substantial difference in house prices in different parts of the UK, which is a factor many first-time buyers will want to consider.
What is the average deposit for a first-time buyer in the UK?
The average first-time buyer deposit in the UK is £61,090, approximately 20% of the average house price for a first-time buyer, which is £311,034.
However, the average deposit for a first-time buyer in London is £124,688, more than double the national average! The South East follows London and is also higher than the national average, with an average deposit of £61,744.
In other regions across the UK, you can expect to pay less than the national average for your deposit. The North East has the lowest average first-time buyer deposit of £30,678. This is around a quarter of the average London deposit for first-time buyers.
What is the average deposit percentage for first-time buyers in the UK?
The average deposit percentage for UK first-time buyers was 20% of the purchase price in 2024, meaning they would have to take out the remaining 80% as a mortgage.
You can have a minimum of 5% of the purchase price as a deposit to buy your first home and take out the remaining 95% as a mortgage. Generally speaking, if you can put down more as a deposit, you can access better deals and rates on your mortgage.
Londoners take the crown for the largest deposit as a percentage of the house price, at 24%. First-time buyers in the East Midlands and the East of England are putting down the smallest deposit percentage, at 16% of the overall purchase price on average.
Click here for more research. For all media enquiries, please contact –
Matt Mckenna
UK Head of Communications T: +44 20 8191 8806
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Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full bio
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Emily has written 134 Finder guides across topics including:
Sophie Barber is a content marketing manager for Finder in the UK. She has over 5 years experience in writing and publishing clear, concise and informative articles that help consumers make informed decisions. See full bio
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