Here’s the average age of first-time home buyers in the UK right now – and the cost of a deposit

Trade association UK Finance has published new data showing the average age of homeownership across the UK, and how having mum and dad chip in can make a world of difference.

The group considered assisted and unassisted buyers in terms of deposits, age, household income and purchase price in 2024 and found notable differences across these in each region of the UK.

At a national level, first-time buyers who receive assistance are able to buy a home at an average age of just over 30, with an average household income of £56,000. By comparison, those purchasing without support tend to be older – over 32 years old – and have a higher household income, at £65,000.

Despite this, assisted buyers are on average purchasing higher-priced properties, thanks to larger deposits facilitated by family support.

This divide is seen across the UK, but the difference in deposit amounts is most pronounced in London. In 2024, a first-time buyer purchasing without support typically put down a deposit of nearly £150,000. However, for those receiving family assistance, the average deposit was just under £225,000.

The bank of Mum and Dad

The group also considered the impact of the temporary Stamp Duty holiday, which the government introduced during the pandemic. This was aimed at supporting the market during a period of economic instability, but it appears to have had uneven effects, helping those who could also get help from the Bank of Mum and Dad the most, the group said.

By reducing transaction costs, the analysis also found a disproportionate increase in the number of assisted-FTBs. “We also found that the policy coincided with a notable increase in borrowers withdrawing very sizeable amounts of equity when remortgaging, suggesting that some households were drawing on their own property wealth to help family get on the housing ladder,” the group said.

First-time buyers are essential to the UK housing market, helping to unlock transactions further up the chain and maintaining overall liquidity, said James Tatch (UK Finance’s Head of Analytics).

“While the majority of first-time buyers are still managing to purchase without help, the growing reliance on family support risks deepening inequality in the housing market.

“A balanced approach which addresses both supply and affordability issues is essential to ensure the door to homeownership remains open to all,” he said.