Graysons Solicitors In The Press

First time buyers younger in the North

According to new research from UK mortgage lender, Halifax, the average age of the first time buyers is significantly lower in the North than anywhere else in England.

In Harrow, London, the first time buyer is on average 34, but Yorkshire and the Humber comes in 6 years younger at only 28 and the lowest averages in the country can be found around our region in Selby, North Yorkshire (25) and Bolsover, Derbyshire (26).

One of the reasons given for the difference is the cost of housing, with prices being relatively low in the areas where first time buyers are younger, making them more affordable.  According to the report, over half of the 10 areas with the youngest first time buyers have an average house price of between 25% and 40% lower than the national average.  Selby comes in at around £114,000 and Bolsover at around £80,000, compared with the average of £135,000 and Harrow is a shocking £262,000.

Also, the average house price to average earnings ratio is typically lower in these areas – 2.9 in Selby and 3 in Bolsover, compared to 6.5 in Harrow.

Whilst it does appear that in the 28 years that the Halifax has been collecting data the average age of the first time buyer in UK has remained pretty stable, 28 in 1983 and 29 now, what has changed is the amount of financial help needed today.   According to the Council for Mortgage Lenders, 84% of first time buyers under 30 received help with their deposit in 2010, compared with only 38% in 2005.

Whether you are a first time buyer or are moving on to new premises, Graysons WE can offer you a fast, efficient, personal and friendly service, solicitors with local knowledge and  all at a competitive cost.

Please contact our conveyancing department on 0114 272 9184 or email conveyancing-enquiries@graysons.co.uk for a no obligation quotation that you are sure to find attractive.