UK First Time Buyers better off than many other global nations
Is it really that bad being a first-time buyer? UK better off than many other global nations when it comes to affordability
The latest market analysis from Yopa, the full-service estate agents, reveals that first-time buyers (FTBs) in the UK may be paying 63% more to get a foot on the property ladder than they were ten years ago, however, they may still be better off in terms of relative affordability when compared to many other global nations.
Previous research by Yopa revealed that the average price of a first-time buyer home had soared by 63% over the last decade.*
Yopa’s latest analysis* of market data shows that this has inevitably pushed up the average age of a first-time buyer, which now sits at 33, up from 31 in 2014. Regional disparities are evident, with the South East and West Midlands seeing the biggest increases of 3 years, while London has seen a more modest one-year rise.
Despite mounting affordability challenges, the number of first-time buyers has grown by 9.9% over the past decade, from 310,280 in 2014 to 341,068 in 2024. This marks an average annual growth rate of an estimated 2%, demonstrating the resilience and determination of aspiring homeowners to take their first step onto the property ladder.
When compared internationally, the UK still fares well. At an average FTB age of 34, Brits are climbing the ladder earlier than their counterparts in Canada (36), Australia (36), and New Zealand (35) – and are only slightly behind the United States (33) and France (31).
Moreover, when looking more widely at house price-to-income ratio indices and change over the last five years, the UK remains better off than many of its global peers, despite the high cost of homeownership. Indeed, UK buyers have also benefited from strong wage growth in recent years.
Yopa’s analysis of the latest OECD figures shows that the UK’s five year change in house price to income ratio sits at -1.3%, with this being more favourable than 20 other global nations included within the data.
The worst nations when it comes to this five year change include Greece (22.1%), the United States (21.0%), Estonia (20.3%), Portugal (19.7%), and Switzerland (17.5%) – as a positive change in the index means that house prices are rising faster than incomes.
Yopa’s National Franchise Director, Steve Anderson, commented:
“It’s clear that first-time buyers are facing more financial pressure than ever before, both in terms of the upfront cost of buying and the age at which they’re finally able to do so.
But encouragingly, demand hasn’t waned – and the fact that the UK’s house price-to-income ratio change over the last five years remains better than that of many comparable countries gives us good reason to remain optimistic about the long-term health and accessibility of our housing market.”
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