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.
The average age of a first-time buyer in the UK is 34, up from 32 in 2012 and from 30 in 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. House prices have also been rising, making it harder for first-time buyers to access entry-level properties.
The average age of a first-time buyer in London is now 35, a year older than the UK average. This has increased from a first-time buyer age of 32 in the capital in 2012 but is down from a decade-high of almost 37 in 2019.
In 2023, there were 293,339 first-time buyers in the UK. This is down 21% from 2022 when there were a total of 369,870 first-time buyers. During the last decade, there have been an average of 335,978 first-time home buyers each year.
The South East had the highest number of first-time buyers in 2023, with 57,490 residents purchasing their first home. This is followed by Greater London, where there were 38,684 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 8,353, followed by East Anglia (10,602) and Wales (12,641).
| Year | Number of first-time buyers |
|---|---|
| 2013 | 258,210 |
| 2014 | 310,280 |
| 2015 | 298,200 |
| 2016 | 328,500 |
| 2017 | 345,920 |
| 2018 | 353,120 |
| 2019 | 351,260 |
| 2020 | 303,980 |
| 2021 | 405,310 |
| 2022 | 369,870 |
| 2023 | 293,339 |
The average house price for a first-time buyer in 2023 was £288,136, down 5% from the average first-time buyer house price of £302,008 in 2022.
House prices for first-time buyers vary across UK regions, with the highest average price of £492,234 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 £353,724.
Northern Ireland boasts the lowest average house price for first-time buyers, with an average cost of £174,337, followed closely by the North East with an average price of £174,693.
London house prices for first-time buyers are 1.7 times higher than the UK average, while house prices in Northern Ireland are just two-fifths (60%) 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.
| Region | Average first-time buyer house price |
|---|---|
| London | £492,234 |
| South East | £353,724 |
| East of England | £327,926 |
| South West | £273,968 |
| West Midlands | £236,253 |
| East Midlands | £235,941 |
| North West | £215,655 |
| Yorkshire and The Humber | £204,178 |
| Wales | £199,930 |
| Scotland | £188,670 |
| North East | £174,693 |
| Northern Ireland | £174,337 |
The average first-time buyer deposit in the UK is £52,414, approximately 19% of the average house price for a first-time buyer, which is £288,136.
However, the average deposit for a first-time buyer in London is £108,848, more than double the national average! The South East follows London and is also higher than the national average, with an average deposit of £59,075.
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 £29,740. This is almost a quarter of the average London deposit for first-time buyers.
| Region | Average first-time buyer deposit |
|---|---|
| London | £108,848 |
| South East | £59,075 |
| East of England | £52,682 |
| South West | £49,135 |
| Scotland | £39,691 |
| West Midlands | £37,459 |
| Wales | £36,350 |
| East Midlands | £36,139 |
| North West | £35,581 |
| Yorkshire and The Humber | £33,208 |
| Northern Ireland | £31,948 |
| North East | £29,740 |
The average deposit percentage for UK first-time buyers was 19% in 2023, meaning they would have to take out the remaining 81% 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 22%. First-time buyers in the East Midlands are putting down the smallest deposit percentage, at 15% of the overall purchase price on average.
Matt Mckenna
UK Head of Communications
T: +44 20 8191 8806
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