New data from one of Britain’s largest mortgage lenders shows that nearly one in five first-time buyers are now aged 40 or over - and sometimes a lot over.
The oldest customer helped by Santander to buy their first home in 2024 so far is 67 years old, nearly double the average first-time buyer age of 36.
So far this year nearly 6,000 Agreements in Principle have been completed for FTBs aged 40 or over with Santander.
The news comes as the government’s Office for National Statistics publishes a report suggested that people are leaving the parental home much later than before.
In 2022, just over half of people owned their own home by 36 years of age; back in 2004 just over half owned by the age of 32.
A Santander spokesperson says: “Buying your first home is always a special moment, and one of the major milestones we mark throughout our lives. However, for a number of reasons many people are deciding to rent or live with their families until later in life.”
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