FTBs 'might consider the north'

Posted: 26 Sep 2011 13:30:32 GMT

The average age of an FTB is often lower in the north of England, it has been found.

The north of England could become a popular option for first-time buyers (FTBs) eager to get a foot on the first rung of the property ladder.

This is because new research from Halifax has revealed the average age of FTBs in many parts of this region is significantly lower than the national average.

It was demonstrated that while a person looking to buy their first home would typically be aged 29, those doing so in Selby, north Yorkshire are around four years younger.

Indeed, with the oldest FTBs residing in Harrow, London - at the age of 34 - other places such as Redcar and Cleveland in the north-east, Barrow-in-Furness in Cumbria, South Ribble in Lancashire and Bolsover in Derbyshire are home to much younger property owners.

According to the study, when considered from a regional perspective as opposed to a local district level, the youngest FTBs are to be found in the north-east, the north-west, Yorkshire and the Humber, Scotland and Wales.

In each of these locations, the average age of an FTB is 28 - while the oldest tend to live in London.

Nitesh Patel, housing economist at Halifax, said: "There are several areas in the country where the average age of first-time buyers is 3 to 4 years below the national average of 29.

The industry figure added: "Most of these areas are in northern England where house prices are typically lower, both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed."

These findings come after recent research carried out by the Building Societies Association revealed many people in the UK are hoping to enter the housing market by the time they turn 30.

It was found that 80 per cent of 18 to 24-year-olds have set this milestone as their age limit for such action.
 

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