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Survey reveals average age of first-time buyers

Wednesday, 11 April 2012 2:38 PM

Where you live can make up to eight years difference in the time it takes to get on to the property ladder, according to research by Clydesdale and Yorkshire Banks.

The average first-time buyer in Britain as a whole is now 30 but that masks big regional differences around the country.

People in Yorkshire are buying their first home at an average age of 28, and first-time buyers in the North East, North West and East Midlands are also younger than the national average at 29.

The average age of a first-timer in Scotland and the South West is in line with the national norm at 30 and buyers in the West Midlands (31) and East Anglia (32) are just above it.

Unsurprisingly, given its high and rising house prices, first-time buyers have to wait until they are 33 in London. And buyers in the surrounding South East have to wait a year longer until they are 34.

However, people have to wait until they are 36 in Wales – eight years or 29 per cent longer than in Yorkshire.

Steve Reid, retail director for Clydesdale Bank, said: "We remain committed to helping first time buyers of all ages to get onto the property ladder with a range of products."

Clydesdale and Yorkshire Banks have introduced new lower rates for first-time buyers ranging from 5.49 per cent to 6.19 per cent, including a fee-free rate of 5.69 per cent fixed for three years.

Meanwhile, Lloyds TSB has also just introduced a new fee-free two-year fixed rate of 5.99 per cent available at loan to values to 85 to 90 per cent.

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