The National Association of Estate Agents (NAEA) claimed that just 3% of buyers were first-time buyers under the age of 30 last month.
In stark contrast, the six months to the end of June 2014, there were more first-time buyers than at any time since 2007.
The report on first-time buyer transactions scaled up NAEA’s own figures and the Halifax have also noted an increase in newcomers to the property ladder.
More First-Time Buyers than 2007
It’s reported that numbers of first-time buyers rose by over 30,000 in the first half of 2014, compared with the same period last year – there were 146,600 first-time buyer transactions in the six months to the end of June, compared with 115,700 in the same period last year.
It’s found that average age of a first-time buyer in London in June was 31 and the average age outside London, 29. While the NAEA claimed that only 3% of buyers last month were under the age of 30, Halifax said that the average age of a first-time buyer during the six months to the end of June was 30.
The NAEA painted a very gloomy picture for first-time buyers under the age of 30 with managing director Mark Haywood stating: “Things are getting even tougher for first time buyers. Not only do you now need to stump up a large deposit and of course the stamp duty fee to be able to get on the ladder, but new rules mean buyers will also have to prove they can easily afford repayments now and in the future.”