What is the average age of a first-time buyer?

It is going to be an unusual father’s day this weekend and we can only hope the sun will be shining as many of us plan to meet up with our Dad’s for a socially distanced celebration.

We are still not allowed to enter our parent’s homes, we can’t invite them round for dinner and neither can we take them out to the favourite pub or restaurant for Sunday lunch.

For 3.5 million young adults though, ( aged between 20-34 ) this is not an issue as they still live at home with their parents. In fact the average age of a first-time buyer is now 33.

So why is this? Well, more young adults live with parents as they are staying in education longer, formalising relationships and having children at older ages, and let’s not forget, the increased costs of renting or buying a home.

The average cost of a Lancaster home is now £149,762. Over in Morecambe it is currently £133,446. When you look around at the smaller homes which are ideal for first time buyers, even with a budget of £100,000 – it can be difficult to find something suitable, especially with the added pressure of property investors, competing to buy the same properties.

There is the option of renting and for those that choose to do so, on average 27% of their income is spent on rent, making it difficult to save for a deposit, especially when you start to factor in other costs of living.

Talking of rentals, the rental market is exceptionally busy. There is a massive shortage of properties, to the extent that high-quality properties are achieving record-breaking rental prices. Claire from our rentals team has just agreed on a 12-month rental at £75 over it’s asking price such was the demand!

If you ae thinking of buying in Lancaster, please get in touch. At JDG we are here to help.