First-time buyers 'will be in their 30s'

Wednesday, March 10 2010

People looking to buy their first home are tending to wait until their 30s so they can afford the cost of moving.

The lack of first-time buyers in the current market is a worry, because this group are essential to a healthy housing market, according to company director at the Little House company Jane Marr.

She explained that many people in their 20s will probably not consider buying a home until they have saved more money and are on better salaries.

This means that many first-time buyers will probably be in their 30s, Ms Marr predicted.

However, she added: "I think the stringent requirements imposed by lenders will lessen as lenders' mortgage business slows and they look to find new business."

The comments follow a publication by Rightmove, which found that there had been a drop in the amount of people looking to become first-time buyers.

Some 58 per cent of first-time buyers claimed now was a good time to make a purchase, which is the fourth successive quarterly fall.