There is a lot to be said for researching all parts of the property market, even looking at the opposite side of the market from yourself. If you plan on selling your home, it is helpful to know what matters affect buyers. If you plan on buying property soon, there is a lot to be said for knowing what vendors are doing, and what decisions they make.
Therefore, you can argue it is good for both buyers and vendors to know the average age of a first-time buyer in the United Kingdom. If you plan on stepping onto the property ladder, the average of first-time buyers provides you with a benchmark to aim towards, and it lets you know what you are up against in the market!
Study where the market lies
If you plan on selling your home, it is helpful to know where the market lies. If your home is suitable for first-time buyers, you want to know the age group of people who are most likely to show an interest in your home.
In research carried out by Nested.com, the average age of a first-time buyer across the United Kingdom is 27 years old.
There is a few surprises in the findings, most notably the average age of first-time buyers in London being 26 years old. This age is below the national average, and it is the same as Leeds and Manchester. The average age of first-time buyer in London is lower than Leicester, Brighton and Cambridge.
Anyone with an interest in the areas with the youngest average age of first-time buyer will find Sheffield of interest, as the age is 23 years in that city. In Stoke-On-Trent, the average age of first-time buyer is 24 and in Liverpool and Oxford, the average age of the first-time buyer is 25 years old.
How many times do you plan on moving?
The survey also indicates that the average homeowner intends to buy two or three properties in their lifetime. Once you have moved into your first home, there is a chance you will say never again because of the stress and pressure, but that feeling subsides before too long. There is a strong chance your first home will eventually become too small for your needs, and you decide to move upwards. This is why it is essential for current homeowners to know which market is likely to hold an interest in their home, because this makes the sales process much easier.
National averages are of interest to many people, but they don’t always tell the full story in localised parts of the country. At Bond Oxborough Phillips, we are pleased to say we are local property market specialists, and we provide guidance based on how the local market is performing.
Whether you are looking to buy or sell in or around North Devon or North Cornwall, we are here to assist you. We take immense pride in offering actionable advice, and we look forward to assisting you in the process, so please contact us today.