A new research focused on the profile of the first time buyer has some very interesting results to take into consideration by the sellers on the property market.
According to this study, the average first time buyer is aged between 25 – 34. Apparently, some of the buyers postpone the moment of getting their own property because of the money they need to have as deposit (nowadays around £22,689) or the big property price.
The average property price for first time buyers rose from 2000 until today by £136,000 causing a decrease in the number of first time acquisitions by 27%. Considering the changes that took place on the property market as a whole in recent years, we dare to say the fall is not as drastic as it could have been.
However, what should raise more concern is the basis for the entire study: a prediction made by PwC ‘that London will become a city of renters by 2025, with only 40% owning their own home’.