House prices continued to soar, hitting a new average of £368,614. But, as the interest rate rises and the cost of living crisis continues, how will this affect the average age of first-time buyers?
According to a recent study conducted by Safestyle UK, 28 is the average age at which Britons buy their first home. The survey of 2,000 UK homeowners found most people buy their first home before the age of 30, with residents of the North East, Yorkshire and the Humber, East of England and of the West Midlands being able to buy their first property at an early age.
But with real estate prices rising across the country, exactly how much does an average first home cost?
Among UK homeowners who have bought in the past 10 years, the average first home costs £146,692, around 60% less than the average house price estimated this month (£368,614).
Which region is best suited for first-time buyers?
The study found that the average first-time property price in London was £180,215, 49% higher than Glasgow, the city where first-time homes were cheapest, with an average of £90,375. £.
Overall, Wales emerged as the region with the cheapest early houses in the UK, averaging £80,934 per property, followed closely by Scotland at £95,594.69 . The most expensive region was the South West, averaging £201,689, just above Greater London’s £192,090.
UK house prices have risen by 9.6% over the last year and although this is a reduction from the 10% increase in the previous year , it remains a significant cause of financial concern for first-time buyers looking to enter the real estate ladder.
In addition, it appears that the housing market favors those who are able to acquire real estate as a couple, since more than 70% of people say they have bought their first condominium.
What are first-time buyers looking for?
Property size is arguably the most important factor when it comes to buying, which is why 43% of respondents wanted at least 3 bedrooms in their first home.
Attached properties were the most popular primary residence type, accounting for 36% of respondents overall and taking the top spot in almost all regions. The average terraced house in the UK ranges from 688 square feet to 1087 square feet with 2-3 bedrooms per property, most including a small courtyard or garden.
Unsurprisingly, Greater London was the only region in the UK where flats or flats were the most common type of first time property, purchased by 43% of London-based first-time buyers.
With many first-time buyers debating whether to invest their money in a new build or a refurbishment project, it’s interesting to see that 35% of Brits bought a new build while only 27% bought a renovation project.
One thing was clear to both remodelers and new construction buyers, homeowners don’t know how much their windows can add to the value of their home. 35% of Britons don’t know when they last updated their windows or have never updated them since buying their first home.
Martin Troughton, Marketing Director at Safestyle UK, comments: “Considering that more than a quarter of our first homes (27%) are renovation projects, it’s surprising to see that more than a third of people didn’t know when they last updated their windows.
“Replacing a property’s windows is a key consideration when looking to increase the value of your property, especially if the existing windows are single-glazed or were installed over 10 years ago. If your windows are letting in cold air, condensation is appearing, or you notice that your windows aren’t closing properly, these are all signs that your windows might need replacing.
“Windows and doors clearly have a huge impact on what we think of a property on first impression, which is why the ability to have your windows personalized, from style to color, will help make your home a at home.”