The expected age of acquiring a first home in the UK is getting larger.  A recent Post Office study has placed the age at which a first home is purchased at 35.  The age has been creeping up since the early 1960’s, when 23 was the average age of buying that first dwelling.  The study also revealed women think more positively than men, believing they will own a home by the age of 34.  Men think they will be stepping on the first rung of the property ladder at age 37.

While there were those that were optimistic of someday owning a home, more than one half of hopeful buyers believe that the state of home ownership is out of reach.  There were 53 per cent of respondents that felt they would never be able to afford a home of their own.  For those in the 25 to 34 year old range, the deposit is what they felt would keep them from home ownership, for 50 per cent of those responding felt their circumstances would have to change to allow them to save for a home purchase deposit.

Mike Cook, Post Office head of mortgages, said, “Many would-be first time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed.

"And some may be deterred by their perception of high mortgage repayments."

There are more products being offered by lenders in both the mortgage and remortgage lending market currently.  Lenders have lost the rush from those seeking low rates before an interest increase by the Bank, since forecasts have eased on such action.  This has led to better deals from lenders and more specialized products to meet the needs of homeowners seeking a remortgage, buy to let landlords, and first time home buyers.