Forget the image of young couples just starting out – it turns out more first-time buyers are actually already parents. Yep, families are making a comeback on the property ladder.

New research from Santander shows that 20% of first-time buyers in 2023 had at least one child – that’s double the number from just 14 years ago. Back in 2009, only 10% of first-time buyers had kids.

So what’s going on? Well, the average age of first-time buyers is rising, with one in five buyers now over the age of 40. This means more people are getting their first home later in life, after they’ve already started a family or are looking after elderly parents.

Getting On The Ladder Later In Life

According to the Office for National Statistics, the average first-time buyer in 2022 was 36 years old – that’s four years older than in 2004!

This change is making things tougher for families who are trying to buy a home, says Graham Sellar, head of business development, mortgages at Santander: “Buying your first home is a huge deal, and for families it can be a real struggle. Finding a place that has good schools and is in a good location, while also saving for everything from childcare to putting food on the table, can feel like an impossible challenge.”

So, while it’s great to see families making their way onto the property ladder, it’s clear that they need more help. Let’s hope the government steps up to make things easier for families trying to buy their first home!