80% of first-time buyers moved back in with parents to get on the ladder
- 96 percent of first-time buyers received financial help for their deposit – with 68% receiving help from family, and 57% from friends, survey finds
- Three quarters (75%) scaled back on their property to buy in a preferred location
- TSB customer data: Average age of first-time buyers up to 32 years from 31
- The length of mortgage term drops by a year – down from 32 to 31
- Average deposit across the UK is 18.7%: London highest at 23%, and Wales lowest (13%)
Four fifths (80%) of first-time buyers moved back in with their parents to save for a deposit, TSB finds.
TSB surveyed over 1,000 first-time buyers who had bought a property in the past year – and found that compromise and location are key, as three quarters (75%) of new property owners opted for fewer bedrooms, a smaller property and less outdoor space to buy in a preferred post code.
Almost two fifths (38%) said their new home was mostly what they wanted, but with a few compromises. Over a fifth (22%) said they had purchased their dream home. Almost one in 10 (9%) said they had made a major compromise and opted for affordability and location.
Getting on the ladder
TSB found that almost every first-time buyer (96%) surveyed was offered some form of financial help with their deposit – with over two thirds (68%) receiving help from family members, while almost three fifths (57%) received help from friends – which TSB’s Craig Calder says is an ‘increasing trend.’
To get on the ladder, almost two fifths (38%) had delayed major purchases; limited socialising (37%) and took on a second job (37%).
On average, polling showed that first time buyers saved for almost three (2.95) years; with those in Wales taking the longest to save up (3.39 years) and those in the East Midlands saving up the quickest (2.56 years).
Financial impact post-purchase
On average, first-time buyers were paying £960 a month in rent prior to purchasing their home.
As a result of buying their first home, 45 percent felt financially more secure. Almost two fifths (39%) felt relieved.
TSB customer data: Deposit, Age and Mortgage Terms
TSB customer data also shows that first time buyers are taking out 31-year terms on average – down from 32 in 2024. The average deposit size in the UK is 18.9 percent – with London the highest, at 23 percent, compared to Wales (13%).
Overall, the average age of first-time buyers is 32, up from 31 in 2024. The regions with the oldest first-time buyer age are London (34), the South East (33) and East Midlands (33). At the other end of the scale, Yorkshire & The Humber has the youngest average age, at 30.
Craig Calder, Director of Secured Lending, TSB, said:
“It’s clear that compromise is key to getting on the housing ladder in a preferred location – with most first-time buyers forgoing a dream home but feeling relieved, and more financially secure having made the move.
“Many made sacrifices to meet their deposit targets – such as moving in with parents, and taking a second job. To secure the best deal for your housing and affordability needs, do speak with a broker, or your bank.”
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