Age of first-time buyers increasing
The average age of first-time buyers in the UK is continuing to increase, according to research.
In 2007, around half of all first-time buyers were under 30 years of age. This figure has now fallen to 34.5 per cent, showing that more young people are choosing to rent for longer.
Research by mortgage analyst mform.co.uk revealed that the main cause of the change is due to the tightening of lending criteria by mortgage providers.
This means that those wishing to purchase homes are being forced to save for longer and are choosing to rent flats and houses in London before making a purchase.
Statistics also showed that income multiples have fallen from 3.44 times income last year to just over three times now.
"Lenders are getting tougher on how much they will lend and what level of deposit they'll demand which means first-time buyers are yet to see much benefit from the house price slide," said Francis Ghilon, marketing and business development director for mform.
Average first-time buyer property bought through mform this year cost £170.540 compared with £149,800 last year.
Published 5th August, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
The average age of first-time buyers in the UK is continuing to increase, according to research.