The average buyer will be 37-years-old by the time they get their first home, up five years from 2020, according to data from First Direct.
It now takes nearly eight years for a first-time buyer to save enough for a deposit, and the rising interest rates have led to many delaying their plans. The data revealed that nearly eight in ten (77%) of prospective home buyers are concerned about their ability to get on the property ladder, and with inflation at a 40-year high of 10.1%.
The majority of prospective buyers (86%) said that they saw the cost of living crisis as the biggest barrier to home ownership. Nearly three in 10 of those surveyed said that the only way they would be able to get onto the property ladder was through inheritance.
