The average first-time buyer in London is now pushing 35 – and sensibly, they’re probably living with mum and dad while saving for that house deposit.
New data from Conveyancing Solicitor shows the average age of first-time buyers has jumped from 31 in the mid-2000s to nearly 35 today. That’s not just a number – it’s a whole generation watching London property prices sprint ahead while their wages jog behind.
Why Are Buyers Getting Older?
Property expert George Levett discusses: it’s the perfect storm of wage stagnation, eye-watering house prices, and mortgage criteria tighter than your favourite jeans after Christmas.
But here’s what really stings – 96% of first-time buyers need financial help for their deposits, according to TSB. Nearly 70% get cash from family, while 80% move back home to save. The Bank of Mum and Dad? They’re basically a building society now, lending £9.6bn in 2024 alone.
Student loans aren’t helping either. Millennials and Gen Z are juggling debt repayments while trying to save £30,000+ for a deposit. Oh, and they’re getting married and having kids later too – because who can afford a wedding when you’re saving every penny for a flat?
Will Rate Cuts Actually Help?
The Bank of England just cut interest rates to 4% last week, and first-time buyers are cautiously optimistic. Emily Williams from Savills calls it a “welcome boost” that’s already building momentum in the housing market.
But here’s the catch – lower rates could actually make things worse. Mortgage Lane founder Joseph warns that cheaper borrowing might push house prices even higher. Great for sellers, not so much if you’re scraping together a 10% deposit.
What’s Next for First-Time Buyers?
Zoopla predicts housing sales will grow 5% in 2025, with prices rising 1-2%. Translation? The property ladder isn’t getting any easier to climb.
The reality? If you’re a first-time buyer in London, you’ll need patience, parental support, and probably a side hustle. The dream of homeownership isn’t dead – it’s just taking a lot longer to achieve.
Ready to start your property journey? Check current mortgage rates and see what you could afford with today’s lending criteria.
FAQ
Q1: What’s the average deposit needed for first-time buyers in London?
A: Most lenders require 10-15% minimum, meaning £40,000-60,000 for an average London property. Many buyers aim for 20% to access better mortgage rates.
Q2: How much can the Bank of Mum and Dad typically lend?
A: Parents contribute an average of £25,000-30,000 per buyer, though this varies widely. Some gift the entire deposit, while others offer interest-free loans.
Q3: Are there any schemes to help first-time buyers?
A: Yes – the Lifetime ISA offers a 25% government bonus on savings, and shared ownership lets you buy 25-75% of a property. Some developers also offer Help to Buy equity loans.
Q4: Should I wait for interest rates to drop further before buying?
A: Timing the market rarely works – if you find the right property and can afford it, go for it. Waiting for perfect conditions often means watching prices rise faster than rates fall.
Q5: How long does it take to save for a deposit in London?
A: The average first-time buyer takes 8-10 years to save, assuming they’re putting away £500-700 monthly. Living at home can cut this to 3-5 years.
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Effective Date: 15th July 2025
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