How first-time buyers have changed since 2000

How first-time buyers have changed since 2000

Recent research by Hatched has revealed how the landscape for first-time buyers has changed since the year 2000. Back at the start of the millennium, your average first-time buyer would have needed a deposit of £7, 600 to buy their first house. However, this has now changed dramatically, with many first-time buyers having to stump up between 10% and 17% of the property value to secure a purchase. Here are some of the comparisons that Hatched have made regarding how your average first-time buyer has changed in age, salary and the deposit they need since the year 2000:

Year                                                          .2000.                                             .2017.

Age                                                           31                                                      25-35

Marital Status                                       63% Married                                   80% Married

Children                                                 20% had children                           49% have no children

Average Income                                   91% worked full-time                      £35K

Savings Required                                 £7,600                                              £22,689

Number of first-time buyers               464,000                                            335,750

Average house price bought                 £76,000                                            £171,870

 

Commenting on the research, Chief Operating Officer, David Martin said: “Many young people may find themselves locked out of the UK housing market. Barriers typically include property availability and suitability, lending and help to buy and of course, the overall price aspect. The younger generations, particularly millennials, are especially being hit by these barriers and are either having to stay at home with parents for longer or find themselves falling into ‘generation rent.’”