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Last edited 26 Feb 2021
Most, but certainly not all, first-time buyers are young people who have recently started their working life and are keen to get on the housing ladder. This can be a difficult process, given the problems associated with saving for a mortgage deposit, their limited funds and their potentially unestablished credit status. This is particularly so given the housing shortage and long term increase in house prices.
People are generally having to work longer to be able to save for a mortgage deposit. In 1960, the average age of a first-time buyer was 23, and they needed to save for two years to have £595 (around £12,738 today) available for a mortgage deposit.
In 2019, the average first-time buyer will be 30 or older and they will typically have to save for more than five years to have their required average mortgage deposit of £20,622.
 Related articles on Designing Buildings Wiki
- Buy-to-let mortgage.
- Help to buy.
- Home ownership.
- Housing market.
- Housing shortage.
- National Planning Policy Framework.
- Rent to buy.
- Right to buy
- Right to rent
- Self build.
- Self build initiative.
- Shared equity / Partnership mortgage.
- Shared ownership.
- The rise of multiple property ownership in Britain.
- What is a mortgage?
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