The average first-time buyer age in the UK is 32, but in some parts of the country it is as young as 27, according to Lloyds Bank research
Lloyds said the average first-time buyer age in the Ribble Valley is just 27(Image: Alamy/PA)
Stepping onto the property ladder in your 20s may feel like a distant dream for many aspiring homeowners, yet in certain pockets of the UK the average first-time buyer is as young as 27, according to new analysis carried out by a major mortgage lender.
Nestled amongst the stunning countryside of the north west of England, the Ribble Valley in Lancashire boasts an average first-time buyer age of 27 – a full five years below the UK-wide average of 32, according to Lloyds.
Taking in idyllic villages and centred around the thriving market town of Clitheroe, the Ribble Valley was identified as having the youngest typical first-time buyer age in Lloyds’ research.
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Several other areas were also found where the average first-time buyer age is marginally above 27, including the neighbouring borough of Pendle. In South Staffordshire in the West Midlands, the average first-time buyer age similarly sits at just over 27.
Meanwhile, in areas such as north Norfolk and mid-Suffolk in eastern England, the average first-time buyer age is fractionally higher at around 28 – bringing homeownership within touching distance for some Gen-Z buyers.
Alongside identifying the youngest typical first-time buyers, Lloyds also examined the most affordable locations across the UK for those looking to get a foot on the property ladder, shining a light on areas where purchasing a home may be more within reach.
East Ayrshire in Scotland was pinpointed as the most affordable location, based on the average price paid by first-time buyers. The typical first-time buyer price in East Ayrshire stands at £147,353, according to Lloyds, which noted that the region benefits from strong transport links to Scotland’s central belt, with access to Glasgow and neighbouring employment centres.
This could enable purchasers to strike a balance between rural living and a reasonable journey to work.
Amanda Bryden, head of mortgages at Lloyds, said: “Our research shows there are still genuine pockets of value for first‐time buyers, particularly for those with an open mind who are willing to be flexible on location and property type.
“With ongoing cost-of-living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious. But there are opportunities out there, and for many buyers, that flexibility can make a real difference.”
The findings are drawn from Lloyds Banking Group’s housing statistics database, utilising mortgage approval figures from customers across Lloyds Bank, Halifax and Bank of Scotland. Mean house prices were determined using data spanning the 12 months to February.
Offering general advice to first-time buyers, Ms Bryden recommended that they thoroughly investigate the home-buying journey, consult with a mortgage specialist at an early stage and explore the various forms of assistance on offer.
Last week, Lloyds revealed it is introducing a new low-deposit mortgage today that could assist first-time buyers in accessing the property market with a deposit as modest as £5,000.
Top 10 areas with the youngest average UK first-time buyer ages and average house price:
1. Ribble Valley, North West, 27.0, £219,980
2. South Staffordshire, West Midlands, 27.8, £259,678
3. Pendle, North West, 27.9, £188,136
4. Rutland, East Midlands, 28.1, £281,130
5. Cannock Chase, West Midlands, 28.3, £213,399
6. North Norfolk, Eastern England, 28.4, £242,318
7. Staffordshire Moorlands, West Midlands, 28.5, £219,616
=8. Chorley, North West, 28.7, £221,232
=8. Mid Suffolk, Eastern England, 28.7, £289,372
10. Westmorland and Furness, North West, 28.8, £212,848
Top 10 least expensive areas for UK first-time buyers
1. East Ayrshire, Scotland, £147,353
2. Inverclyde, Scotland, £149,929
3. Blackpool, North West, £150,780
4. Kingston upon Hull, Yorkshire and the Humber, £151,171
5. Na h-Eileanan Siar, Scotland, £155,300
6. Hyndburn, North West, £155,911
7. Clackmannanshire, Scotland, £156,041
8. Merthyr Tydfil, Wales, £156,498
9. South Tyneside, North East, £157,551
10. West Dunbartonshire, Scotland, £159,437
The most affordable areas for first-time buyers in each UK region along with the average price:
East Midlands, Bolsover, £191,564
East of England, Great Yarmouth, £236,447
London, Barking and Dagenham, £363,748
North East, South Tyneside, £157,551
North West, Blackpool, £150,780
Northern Ireland, Mid and East Antrim, £175,308
Scotland, East Ayrshire, £147,353
South East, Gosport, £228,617
South West, Plymouth, £216,166
Wales, Merthyr Tydfil, £156,498
West Midlands, Stoke-on-Trent, £171,569
Yorkshire and the Humber, Kingston upon Hull, £151,171