First-time buyers accounted for two-thirds of mortgage customers in 2024 – London Wallet

Mortgage Advice Bureau (MAB) research has found that 67% of borrowers purchasing property in 2024 were first-time buyers (FTBs).

The remaining borrowers were split between homemovers (19%) and those remortgaging (14%).

The average FTB was 34 years old with an income of £35,900. Buyers saved around £585 a month, putting down deposits of £24,500 on properties valued at £226,900.

Nearly half (47%) bought alone, an increase on previous years, and 31% had dependents. Despite 97% being in full-time employment, 43% needed extra income on top of their salaries to secure a mortgage.

In London, FTBs were older at 36, earned £51,000, and put down higher deposits (£37,000) on properties valued at £340,600. They typically saved £760 a month and took 18 months to buy, compared to the national average of 12 months. Most (65%) bought alone and only 16% had dependents.

Elsewhere in England, FTB figures were closer to the national average, with incomes of £34,400, deposits of £23,800, and property prices of £220,300.

In Scotland, the average age was 35, with incomes of £37,200, property prices of £196,500, and a higher proportion of buyers purchasing alone (58%) with fewer dependents (23%).

Welsh FTBs were the youngest at 33, with incomes of £35,300 and strong savings of £740 per month. The region had the highest proportion of FTBs with dependents (37%) and the highest reliance on extra income (54%).

In Northern Ireland, buyers had the lowest incomes (£29,900) and purchased the most affordable properties (£177,500) while saving £390 per month and putting down deposits of £28,000.

Rachel Geddes, strategic lender relationship director at MAB, said: “The first time buyer market is certainly multifaceted in nature, and our research only goes to underscore that. Just as there is no such thing as a typical first time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.

“However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain. The average age of a first time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more.”