According to an article from The Independent, the number of first-time buyers has increased for the first time since April.
Figures revealed by the National Association of Estate Agents suggest that 28% of sales in August were made by first-time buyers; the first time this figure has risen in over four months.
However, the majority (almost half) of all properties sold were to people aged between 31 and 40, with only 3% sold to young people aged between 18 and 30. This figure has been slowly dropping since August 2013, when it stood at 12%.
The figures also showed that a staggering 90% of homes were bought by couples, with only 7% buying alone.
According to Mark Hayward, managing director of the National Association of Estate Agents, the report is evidence that the current high property prices are simply unattainable for the younger generation, and first-time buyers are “getting older”. He is concerned about the amount of young people unable to purchase a home before the age of 30, who often have to rent or live with their parents in order to save.
In London, the average first-time buyer was earning £41,302 and was aged 32, while the average for the rest of the UK was 29 years and earning £32,274. Deposits from first-time buyers in the capital were also higher; double the figure in the South East of England and four times larger than Northern Ireland.
Are you a first-time buyer? And, if we may ask, how old are you?