FTBs to join housing ladder at 35?

Posted: 22 Aug 2011 12:05:18 GMT

The average age of FTBs has been rising since the 1960s, it has been found.

First-time buyers (FTBs) could find they are in their mid-30s before they are able to get their foot on the first rung of the property ladder, new research has suggested.

Carried out by Post Office Mortgages, the study revealed FTBs expect to be 35 years old before entering the housing market, while it was also shown that the age of the average first-timer has risen by eight years since the 1960s.

In addition, the survey found 53 per cent of those aged between 25 and 34 do not think they will be able to afford to buy their own abode, while 50 per cent claimed they could not pay for a deposit unless there was a significant change in their current circumstances.

Mike Cook, head of mortgages at the Post Office - which is an appointed representative of Bank of Ireland - said: "Many would-be FTBs may have been put off trying to get onto the housing ladder by the size of deposits now needed."
 

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