Poll
North/South divide for first time buyers
The massive difference between the affordability of housing for first-time buyers (FTBs) in the North and South has been revealed.
The average age for FTBs is now 29, but new research from the Halifax has revealed there is nearly ten years’ difference across the UK.
In Selby, Yorkshire, the youngest FTBs own their own home at the age of 25, in marked contrast to the average in Harrow, North London, which stands at 34.
According to the research, it is easier to get a first mortgage at a younger age in the north of England.
House prices are likely to be lower in areas where the average first-time buyer age is lower. More than 50 per cent of the ten areas with the lowest FTB age have an average house price of between 25 and 40 per cent less than the national average. Furthermore, these areas have better housing affordability conditions and the earnings ratio is lower than 4.0.
Nitesh Patel, housing economist at Halifax, commented: "There are several areas in the country where the average age of first-time buyers is 3 to 4 years below the national average of 29.
“Most of these areas are in northern England where house prices are typically lower both in absolute terms and in relation to earnings, helping to limit the size of the deposit needed. In contrast, in London and many areas of the South East the time needed to save up for a deposit can be lengthy, resulting in first-time buyers who are typically several years older than in the rest of the country."
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