Londoners now wait until 35 to buy their first home – you won’t believe why

First-time buyer age climbs to 35 in London

Recent research from Conveyancing Solicitor reveals a striking trend: the average age of first-time homebuyers in London has climbed from 31 in the mid-2000s to nearly 35 today. This shift reflects decades of economic pressures, lifestyle changes and soaring property values that have pushed home ownership further out of reach for many young adults.

Wage stagnation vs. soaring house prices

One of the main factors behind this rise is the widening gap between stagnant wages and rapidly escalating property costs. Over the last twenty years:

Average house prices in London have more than doubled, far outpacing income growth.

Wages have seen only modest increases, leaving first-time buyers with larger affordability challenges.

Strict mortgage affordability rules introduced after the financial crisis require higher deposits and more rigorous income checks.

Property expert George Levett attributes the increase in buyer age to these “delayed effects of prolonged wage stagnation, skyrocketing house prices, and stricter mortgage criteria” which together force aspiring purchasers to spend more years saving before qualifying for a mortgage.

Changing life milestones

Beyond financial hurdles, shifting social patterns also play a role. Young adults today often delay traditional milestones such as:

Marriage – couples marry later, postponing joint savings efforts.

Starting a family – many opt to rent longer before settling on a property.

Graduate debt – student loans burden recent graduates, reducing their ability to save for deposits.

These lifestyle changes mean that fewer people in their early 20s can realistically consider buying, pushing the average first-time purchase age upward.

Family support remains critical

With savings alone insufficient, family assistance has become essential for many first-time buyers. A survey by TSB found that:

96% of first-time buyers received help covering their deposit.

68% secured gifts or loans from family members.

57% obtained additional support from friends.

80% temporarily moved back in with parents to boost savings.

According to property firm Savills, the “Bank of Mum & Dad” contributed a total of £9.6 billion in gifts and loans in 2024 alone. While such support eases the path to ownership, it also highlights how unaffordable the housing market has become for those without wealthy relatives.

Will interest rate cuts help?

The Bank of England’s decision to cut interest rates to 4% last week sparked hope among potential buyers. Lower mortgage rates can:

Reduce monthly repayments, making borrowing more affordable.

Encourage lenders to approve larger loans against incomes.

Stimulate buyer demand as borrowing costs decrease.

Emily Williams, Director of Research at Savills, described the rate cut as a “welcome boost” for the UK housing market. She noted that mortgage rates are already trending downwards, building positive momentum. However, she warned that lenders “are unlikely to strongly price in expectations of further cuts this year, given the close nature of the decision.”

On the flip side, Joseph, founder of Mortgage Lane, cautioned that cheaper borrowing could drive demand higher and push property values even further upward. For buyers with limited deposits, the benefit of lower rates may be offset by rising house prices, potentially diluting any relief.

Outlook for 2025 and beyond

Looking ahead, market analysts remain cautiously optimistic. Zoopla predicts that housing sales will grow by around 5% in 2025, supported by lower borrowing costs and improved buyer confidence. Meanwhile, inflation is forecast to hover between 1% and 2%, which should help maintain stable mortgage rates.

Yet the core challenge persists: first-time buyers must still navigate high deposit requirements and fierce competition. Unless wage growth accelerates significantly or house price inflation slows, the average age of new buyers may continue to edge higher.

Navigating the path to ownership

For aspiring first-time buyers, these statistics underline the importance of a multi-pronged approach to homeownership:

Start saving early and consider high-interest savings accounts.

Explore government-backed schemes such as Help to Buy or Shared Ownership.

Compare mortgage deals thoroughly, seeking fixed-rate options to lock in lower rates.

Discuss deposit support openly with family and close friends.

Monitor market trends to time your purchase when buyer demand eases.

While the average age has risen to 35 in London, strategic planning and leveraging available support can still make homeownership achievable for the next generation of buyers.