Despite evolving economic markets and a mounting cost of living crisis, the typical age of first-time home buyers in the UK has remained unchanged at 33 years since 1990. This intriguing stability in buyer demographics was highlighted in recent research conducted by Go.Compare home insurance.

While the average age has remained steady, there has been a shift in the age distribution of first-time buyers. The research reveals a significant decrease of 18.1% in the proportion of buyers under the age of 25. Conversely, there has been an increase of 9.5% among those aged 35 to 44. This data suggests a growing trend where a higher proportion of first-time buyers are now in their late 20s and early 30s.

Ceri McMillan, a home insurance expert at Go.Compare, remarked on these findings, saying, “It’s interesting to see that the average age of a first-time buyer has not changed much over the years.” McMillan also pointed out the challenges posed by the current economic climate: “But in the cost of living crisis, buying a house can be a difficult prospect, especially as the expenses don’t stop after the purchase.”

Evaluating the Cost of Housing

The study also highlights the age differences between buyers of modern homes versus older properties. The average age for buyers purchasing a modern home is 36, slightly younger than the average age of 37 for those opting for older properties. This suggests a slight preference among slightly younger buyers for modern homes, potentially due to lower maintenance and energy efficiency.

In spite of this, the UK’s preference leans significantly towards older houses, with 64% of respondents expressing that an older build would be their dream home if cost were not a concern. This preference highlights the value placed on character and the unique attributes of older homes, despite the possible higher costs associated with their upkeep.

Ceri McMillan emphasises the importance of careful consideration for potential homeowners, especially in terms of ongoing costs associated with different types of properties and the various insurance options available. “All the more reason to consider the different long-term costs between old and new builds, as well as the different types of insurance available,” McMillan advises.