One in five first-time homebuyers now has at least one dependant, indicating that more individuals stepping onto the property ladder are already raising families, a leading bank's research reveals.
Santander's figures indicate that the proportion of first-time buyers with dependants doubled from 10% in 2009 to 20% in 2023. The bank's data from early 2024 shows that a significant 20% of those taking their initial step into homeownership are aged over 40.
Santander points out that customers purchasing homes later in life are likely to have family responsibilities, such as children or elderly parents living with them. The Office for National Statistics (ONS) reported that the average age of a first-time buyer was 36 in 2022, up from 32 in 2004, marking a notable shift over 18 years.
Challenges like soaring mortgage rates, saving for a down payment amidst the cost-of-living crisis, and steep property prices are obstacles faced by many who dream of owning a home. Graham Sellar, Santander's head of business development for mortgages, commented: "Buying your first home is one of life's major milestones."
He added: "With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot on to the property ladder."
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