highest in London, although it had only jumped by a year in the past 10 years. Meanwhile, there has been a three-year jump in Wales to 31, and in north-east and north-west of England, there has been a rise of two years to 30 and 31 respectively. According to the mortgage director at Halifax, Esther Dijkstra, these increases were a result of rising property prices, which were making it difficult to raise a deposit, while changing lifestyles were also pushing back the date at which people bought their first home.
“Over time more people have chosen to go on to higher education, go travelling, or move around for work, which are all factors in the increase in first-time buyer age,” she said. “However, undoubtedly, the biggest drivers are the cost of homes and the need to save a significant deposit to get on the housing ladder. In 2021, the increase in average house price to £264,140, combined with difficulties in raising a deposit, meant that the gap between purchase price and deposit widened in every region in the UK.”
