An increased number of borrowers getting their first foot on the housing ladder are now families, according to research from Santander.
The study shows that in 2023, 20% of first-time buyers had at least one dependant, compared to 10% in 2009, based on Santander customer data.
The bank says that the reasoning behind this increase is that one in five FTBs are now over the age of 40, when analysing its data for Q1 2024, while Office of National Statistics figures found the average first-time buyer was 36 years of age in 2022, an increase of four years compared to 32 in 2004.
Santander head of business development Graham Sellar says: “Buying your first home is one of life’s major milestones.
“With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder.
“We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.”
