Getting on the property ladder in your 20s may seem unattainable for many aspiring homeowners but in some parts of the UK the average first-time buyer age is as young as 27, analysis by a major mortgage lender has found.
Nestled in picturesque countryside in the north west of England, the Ribble Valley in Lancashire has an average first-time buyer age of 27 – five years younger than the average age across the UK of 32, according to Lloyds.
Encompassing charming villages, with the bustling market town of Clitheroe at its heart, the Ribble Valley was found to have the youngest typical first-time buyer age in Lloyds’ study.
- Ribble Valley, 27
- UK average, 32
Other locations were also found where the average first-time buyers age is slightly over 27, including nearby Pendle.
In South Staffordshire in the West Midlands, the average first-time buyer age is also just over 27.
And in locations including north Norfolk and mid-Suffolk in eastern England, the average first-time buyer age is just a touch older, at around 28 – putting homeownership within reach for some Gen-Zs.
As well as the youngest typical first-time buyers, Lloyds also looked at the least expensive locations in the UK for people getting on the property ladder, to highlight areas where buying may be more achievable.
East Ayrshire in Scotland was identified as the least expensive location, looking at the average price paid by people buying their first home.
The average first-time buyer price in East Ayrshire is £147,353, Lloyds said, adding that the area is well connected to Scotland’s central belt, with routes into Glasgow and nearby employment hubs.
That may help buyers to balance countryside living with a manageable commute.
Amanda Bryden, head of mortgages at Lloyds, said: “Our research shows there are still genuine pockets of value for first‑time buyers, particularly for those with an open mind who are willing to be flexible on location and property type.
“With ongoing cost-of-living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious.
“But there are opportunities out there, and for many buyers, that flexibility can make a real difference.”
The research is based on Lloyds Banking Group’s housing statistics database, drawing on mortgage approval data from customers of Lloyds Bank, Halifax and Bank of Scotland. Average house prices were calculated covering the 12 months to February.
Giving general tips to first-time buyers, Ms Bryden suggested that they do their research on the home-buying process, speak to a mortgage professional early on and consider the different types of support available.
Last week, Lloyds announced it is launching a new low-deposit mortgage today that could help first-time buyers get on the property ladder with a deposit as low as £5,000.
Here are the top 10 areas with the youngest average UK first-time buyer ages, with the average age and the average price for a first-time buyer home, according to Lloyds:
1. Ribble Valley, North West, 27.0, £219,980
2. South Staffordshire, West Midlands, 27.8, £259,678
3. Pendle, North West, 27.9, £188,136
4. Rutland, East Midlands, 28.1, £281,130
5. Cannock Chase, West Midlands, 28.3, £213,399
6. North Norfolk, Eastern England, 28.4, £242,318
7. Staffordshire Moorlands, West Midlands, 28.5, £219,616
=8. Chorley, North West, 28.7, £221,232
=8. Mid Suffolk, Eastern England, 28.7, £289,372
10. Westmorland and Furness, North West, 28.8, £212,848
Here are the top 10 least expensive areas for UK first-time buyers, according to Lloyds, with the average price for a first-time buyer home:
1. East Ayrshire, Scotland, £147,353
2. Inverclyde, Scotland, £149,929
3. Blackpool, North West, £150,780
4. Kingston upon Hull, Yorkshire and the Humber, £151,171
5. Na h-Eileanan Siar, Scotland, £155,300
6. Hyndburn, North West, £155,911
7. Clackmannanshire, Scotland, £156,041
8. Merthyr Tydfil, Wales, £156,498
9. South Tyneside, North East, £157,551
10. West Dunbartonshire, Scotland, £159,437
Here are the most affordable areas for first-time buyers in each UK region, according to Lloyds, with the average price for a first-time buyer home:
East Midlands, Bolsover, £191,564
East of England, Great Yarmouth, £236,447
London, Barking and Dagenham, £363,748
North East, South Tyneside, £157,551
North West, Blackpool, £150,780
Northern Ireland, Mid and East Antrim, £175,308
Scotland, East Ayrshire, £147,353
South East, Gosport, £228,617
South West, Plymouth, £216,166
Wales, Merthyr Tydfil, £156,498
West Midlands, Stoke-on-Trent, £171,569
Yorkshire and the Humber, Kingston upon Hull, £151,171
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