This week Nested.com have revealed their inaugural first-time buyer (FTB) age index, giving conveyancers a little insight into the average age of the clients they’ll be liaising with.
The survey found that FTBs in the Scottish city of Edinburgh were the oldest to join the ladder at 30 years of age. Whereas, the stereotypical ‘no go’ area for first time buyers, London, had a lower FTB age of 26, on par with the northern cities of Leeds and Manchester. FTBs in Sheffield were the first to get a foot on the property ladder, with an average age of just 23.
Ben Bailey, a spokesperson for Nested.com commented:
“Our inaugural First-Time Buyers Age Index provides a fascinating snapshot of today’s home-buying habits by revealing that house-hunters in the Capital are getting on the property ladder at a younger age than many would imagine.
“Our research also highlighted that two thirds of Brits (67%) fear they’ll never be homeowners yet we’ve demonstrated that the average age of a first time buyer in the UK is 27, which has remained unchanged in a generation.”
The average ages can be found below:
| FTB Age | Location |
| 30 | Edinburgh |
| 29 | Leicester |
| 28 | Brighton, Glasgow, Cambridge |
| 27 | Plymouth, Belfast, Nottingham, Bristol, Newcastle, Norwich, Birmingham |
| 26 | London, Leeds, Manchester |
| 25 | Cardiff, Oxford, Liverpool |
| 24 | Stoke-on-Trent |
| 23 | Sheffield |
The research also discovered that people expect to own and live in between two and three properties throughout their lifetime.
The research also discovered that people expect to own and live in between two and three properties throughout their lifetime.
Knowledge is power in the conveyancing world, and if you know the average ages of FTBs, it will help you to shape not only how you interact with them, but also how you encourage them to choose you, over your competition.
Buying a house for the first time is an exciting yet nerve wracking experience, which will affect some people more than others. Being able to walk in the customer’s shoes and show levels of empathy for their situation is key.
Communication is also vital in the modern-day world. We live in a culture where we need responses and information now. Also known as the ‘Amazon effect’ it has set people’s expectations extremely high, and this has seeped into people’s everyday lives. Communicating regularly and effectively with clients will help to manage these expectations and help the process run smoothly.
What do you think about the average ages of FTBs in your area? Do they match with the research?
