The growing divide in house prices is seeming to affect the age of first time buyers, demonstrating a dramatic divide between the first time buyers in London, with an average age of 32, which is four years older than those in the north of England, Scotland and Wales.
The report, published on Saturday 24th September by Halifax found that the average age across the UK is 29, revealing wide regional variations. In Selby in Yorkshire, the average age of a first time buyer is just 25 where as in Harrow, in London, the average first-time buyer is 34.
The report, published on Saturday 24th September by Halifax found that the average age across the UK is 29, revealing wide regional variations. In Selby in Yorkshire, the average age of a first time buyer is just 25 where as in Harrow, in London, the average first-time buyer is 34.
Despite Land Registry figures showing property prices in England and Wales rose by 161% between January 1995 and July 2011, the national average first-time buyer age of 29 has only risen by one year since 1983. Halifax said a dramatic rise in parental support to help young people buy their first home had kept the average age down.
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