Average age of the first time buyer in the UK is 34 years old!
A new study by Money.co.uk has revealed the average age of the first time buyer across 25 countries.
Over the past decade, the age of the first time buyer has slowly been on the rise, making Brits on average 34 years old by the time they’ve brought their first property. However, some countries are jumping onto the property ladder a lot sooner.
Brits are 34 years old when buying their first house
The average age for a first time buyer in the UK is 34 years old. With the average salary being £36,024.00 a year, the UK has positioned itself comfortably in the middle of the first time buyers index. On average, the budget for a first time property is £162,108.00 in the UK. However, the price for a 2 bedroom flat costs on average £254,000.00 leaving first time buyers across the UK in a deficit of -£91,892.00 when trying to buy their first house.
Iceland and Belgium have the youngest demographic of first time buyers
The youngest demographic of first time buyers can be found in Iceland and Belgium who have an average age of 27 years old.
Icelanders earn the highest annual salary out of the 25 countries, earning £52,433.65 a year whilst Belgium follows closely in 5th place earning £42,860.72.
This income allows both countries to be well within budget to buy their first house, as 2 bedroom property only costs on average £210,000.00 in Iceland and £152,000.00 in Belgium, leaving them with some extra money to splash the cash.
Switzerland has the oldest demographic of first time buyers
The oldest demographic of first time buyers can be found in Switzerland, where the average age to buy their first house is 48 years old!
Despite earning the highest annual salary out of all 25 countries (earning £50,777.00), the average property price for a 2 bedroom flat costs £501,000.00.
With a limited budget of £228,496.50, the average Swiss buyer would end up in a large deficit of -£272,503.50 when trying to buy their first house.
RANKED: Age of the first time buyer across 25 countries
Country – Age Average – Annual Salary – Average FTB Budget – Average Property Price – Difference between the budget and property price
Iceland 27 £52,433.65 £235,951.43 £210,000.00 £25,951.43
Belgium 27 £42,860.72 £192,873.24 £152,000.00 £40,873.24
Finland 28.8 £35,233.84 £158,552.28 £241,000.00 -£82,447.72
China 29.5 £9,421.00 £42,394.50 £309,000.00 -£266,605.50
India 30 £3,970.00 £17,865.00 £59,000.00 -£41,135.00
Austria 31 £41,117.00 £185,026.50 £234,000.00 -£48,973.50
France 31 £35,455.00 £159,547.50 £319,000.00 -£159,452.50
Italy 33 £50,220.00 £225,990.00 £119,000.00 £119,000.00
USA 33 £29,893.00 £134,518.50 £167,000.00 -£32,481.50
Germany 34 £40,915.00 £184,117.50 £247,000.00 -£62,882.50
United Kingdom 34 £36,024.00 £162,108.00 £254,000.00 -£91,892.00
Ireland 34 £38,928.55 £175,178.48 £188,000.00 -£12,821.53
Mexico 35 £13,420 £60,390.00 £63,000 -£2,610.00
Kenya 35 £12,405.00 £55,822.50 £179,000.00 -£123,177.50
New Zealand 35 £33,587.00 £151,141.50 £218,000.00 -£66,858.50
South Africa 35 £12,691.00 £57,109.50 £46,000.00 £11,109.50
Denmark 35.3 £43,594.00 £196,173.00 £233,000.00 -£36,827.00
Romania 36 £23,094.86 £103,926.87 £69,000.00 £34,926.87
Canada 36 £40,579.00 £208,000.00 -£25,394.50 -£2,539.45
Australia 36 £41,497.00 £186,736.50 £237,000.00 -£50,263.50
Nigeria 40 £680.00 £3,060.00 £41,000.00 -£37,940.00
Spain 41 £29,564.00 £133,038.00 £142,000.00 -£8,962.00
Japan 41 £29,457.00 £132,556.50 £391,000.00 -£258,443.50
Czech Republic 41.5 £22,385.00 £100,732.50 £182,000.00 -£81,267.50
Switzerland 48 £50,777.00 £228,496.50 £501,000.00 -£272,503.50
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