Age of first-time buyers could rise to 44

Thursday, 03 March 2011 03:51

The average age of first-time buyers could rise from 30 to 44, a new study has revealed.

According to the fifth Savings and Investment report from Scottish Widows, 36 per cent of UK adults are not managing to save any money.

This could have an impact on key milestones, such as buying a first home, the study highlights.

Some 33 per cent of those aged 18 to 34 do not save at all - a figure that has increased from 18 per cent in 2009.

Adding that paying off debts on credit and debit cards is one of the main barriers to saving cited by this group, the survey illustrates that this could have a knock-on effect on house purchases.

While the current average age of a first-time buyer is 30, putting off starting saving could see this rise to 44.

Recent research from Nationwide demonstrated that house prices rose 0.3 per cent in February, with the average home currently costing £163,177.

Use the Myfinances.co.uk comparison tools to find a better savings account 

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