Rising Home Prices Delay Mortgage-Free Milestones for Young Buyers
Thursday 10 July, 2025
As housing prices continue their upward trajectory, the age at which younger individuals can secure a mortgage and achieve homeownership is also on the rise. Recent findings indicate that the average age of first-time homebuyers in the UK has reached 33 years and 8 months.
This contrasts starkly with statistics from 1960, when the average age was just 23 years old, according to research.
The Office for National Statistics reported a slightly younger average of 32 years and 6 months in 2014. During this period, house prices in the UK surged from approximately £188,000 in January 2014 to £282,000 in January of this year.
|
Region |
Average Age of a First-time Buyer |
Average Mortgage Term |
Predicted Age of Being Mortgage-Free |
|
London |
36 years, 8 months |
30 years |
66 years, 8 months |
|
West Midlands |
34 years, 5 months |
30 years |
64 years, 5 months |
|
South East |
34 years, 4 months |
30 years |
64 years, 4 months |
|
East of England |
32 years, 9 months |
31 years |
63 years, 9 months |
|
Yorkshire & The Humber |
32 years, 7 months |
31 years |
63 years, 7 months |
|
South West |
33 years, 9 months |
29 years |
62 years, 9 months |
|
North West |
32 years, 5 months |
30 years |
62 years, 5 months |
|
East Midlands |
32 years, 11 months |
30 years |
62 years, 11 months |
|
North East |
32 years, 2 months |
29 years |
61 years |
|
Scotland |
33 years, 7 months |
27 years |
60 years, 7 months |
|
Wales |
31 years |
28 years |
59 years |
The trend towards older ages for first-time buyers means that many will be paying off their mortgages later in life, often not becoming mortgage-free until around 63 years and 8 months, based on an average mortgage term of 30 years. In London, this could extend beyond the current retirement age, reaching 66 years and 8 months.
Source: ifamagazine.com
The importance of professional mortgage advice
These figures underscore the importance of seeking professional guidance from one of our mortgage brokers. Our team of professional mortgage brokers can provide tailored advice amidst fluctuating interest rates and varying mortgage terms, helping you make informed decisions that align with your long-term financial plans. This expert support is invaluable, particularly when considering extending mortgage terms.
Sergiu Moldovan, Mortgage Broker & Protection Adviser in Harlow, Essex & Grays, Kent, said:
“These figures highlight the importance for first-time buyers to set off on their home ownership journey on the right foot. Making sure that the mortgage deal homeowners select, especially first-time buyers, is best suited to their personal financial situation will help in the longer term.”
Sergiu continued: “We always recommend that first-time buyers speak with one of our highly experienced mortgage advisers to help fully understand their mortgage options.”
If you are a first-time buyer and would like a no-obligation initial mortgage consultation, then please contact one of our mortgage brokers on 01707 872000. Our mortgage brokers offer mortgage advice to clients throughout London and the rest of the UK.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 20/06/2025.
