The capital’s highly competitive property market is currently pushing the average age of first-time buyers to 37 years old. However, others can face an even longer wait, with first-time buyers in their 40s and 50s becoming increasingly more common as many struggle to save enough for the hefty deposit required to purchase on the open market.
The majority of 46-55-year-olds registering interest in Shared Ownership properties are house-hunting in London, with 38% of all enquiries from this age group being for homes within the capital.
This is a trend consistent across Share to Buy where enquiries for properties in London are up 18%, suggesting that as the country reopens, people are being drawn back to the capital.
Nick Lieb, Head of Operations for Share to Buy, comments: “We usually see Shared Ownership targeted towards younger buyers because it is such good option for them – it helps buyers who know that they want to step onto the property ladder, but don’t necessarily have the gift of time to save for a deposit.
“However, Shared Ownership isn’t just for young, 20-something Londoners. The part-buy, part-rent scheme is also an accessible option for older buyers that are looking for a new home in a great location, without breaking the bank. The rise in enquiries from budding buyers aged 46 to 55 on Share to Buy has been significant – and we’re here to help all buyers, regardless of age, understand all of their homeownership options.”
