Our friends in the U.S have been chasing the ‘American Dream’ for some time now, yet we Brits don’t really have a moniker for ‘making it’ in the UK. If we were to coin our version of the ‘British Dream’, we imagine it would be celebrated every time someone took their first steps on the property ladder. First-time buyers play a pivotal role in the UK housing market and represent a key driver of demand. Their average age has been steadily rising over the last few decades as property has become less affordable in some parts of the country. However, schemes like shared ownership and Help-to-buy have helped younger people get on the ladder, putting downward pressure on average ages of first-time buyers.
So what’s the scoop in SE18? We’ve used data from ResiAnalytics which uses affordability measures to calculate the average age of first-time buyers in the local market. The data shows that the average age of a first-time buyer here is 31.1. This is lower than the regional figure of 32, while the national average is 30. The average price of a home in SE18 is £371,000, an if you take 10% as a reasonable figure for a deposit for a first home, that means buyers need to stump up around £37,100. Add into the mix average gross earnings of residents in the area, which sit at £32,415, and you can start to see why the picture in our area looks like it does. If you’re thinking of purchasing your first property, drop us a line today.