Average age of FTB 'will be 41'

Posted: 30 Jun 2011 13:37:57 GMT

FTBs are likely to be in their 40s before they get on the property ladder, it has been found.

The average age of first-time buyers (FTBs) in the UK will be 41 by 2025, new research has predicted.

Carried out by LV=, the study revealed many people are delaying getting on the housing ladder, as well as putting off other major life events such as starting a family and getting married.

The organisation noted this trend is very different from the 1980s, when most people purchased their first home when they were 29.

It warned the action could have a considerable impact on whether or not individuals will be able to pay back their mortgages, with the majority of home loan terms spanning 25 years or more.

Life and pensions managing director at the company Richard Rowney said: "The cost of living is having an impact on when Brits are able to settle down, have children and buy a house."

Helen Adams, managing director at First Rung Now, recently claimed FTBs may have to compromise on location in order to enter the housing market.
 

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