Emerging Market Identified - many more first time buyers aged 50-plus

There was a 13% increase in Q1 2024 of 56-65 year-olds searching for their first property compared to the same period last year.

This figure suggests a growing number of buyers are having to wait until their late 50s and beyond but are still keen to take their first step onto the housing ladder.

There was a 13% increase in Q1 2024 of 56-65 year-olds searching for their first property compared to the same
period last year.

This figure suggests a growing number of buyers are having to wait until their late 50s and beyond but are still keen to take their first step onto the housing ladder.

This data comes from Legal & General Mortgage Services which is involved in one in four mortgages in the UK and one in three intermediated mortgages.

Further insight from Legal & General Ignite found that over the last year (April 2023 – April 2024) 38% of potential buyers in the UK were first time buyers, with an average age of 33.

Here’s a breakdown of. First time-buyer age and Proportion:

18-30 years-old 44.8%
31-40 years-old 35.6%
41-50 years-old 13.9%
51-55 years-old 3.2%
56-65 years-old 2.2%
Over 65 years-old 0.3%

When comparing Q1 2024 and Q4 2023, there was a 37% increase in 18-30 year-old first-time buyers searching for a property, and a 33% increase in 31-40 year-old first-time buyers.

There was a natural decline in overall
market activity in the lead up to Christmas, so these increases mark a return to activity in the spring months.