Nearly seven in ten mortgage customers in 2024 were first-time buyers, according to new data from Mortgage Advice Bureau’s MyMAB and Homebuying apps.

The figures, based on thousands of user journeys, highlight the growing influence of first-time buyers in driving the UK property market.

Accounting for 67% of all home purchase mortgage activity, first-time buyers outpaced both homemovers (19%) and remortgagers (14%), signalling a generational shift in housing demand.

The average first-time buyer was 34 years old, earning £35,900 annually and saving £585 per month.

DEPOSIT BUILDING

Many had been building towards a deposit of around £24,500 to purchase homes priced at an average of £226,900.

Almost half (47%) were buying alone, reinforcing a trend towards solo homeownership, while 31% had dependents – suggesting that family needs still weigh heavily in buying decisions. Although 97% were in full-time employment, 43% relied on additional income sources to secure their purchase.

REGIONAL DISPARITIES

London buyers, who made up 7% of the national dataset, faced the steepest affordability challenges.

Earning an average of £51,000, they saved more (£760 monthly) and had larger deposits (£37,000), yet needed to stretch further to buy properties averaging £340,600. A notable 65% were buying alone – higher than any other region – while just 16% had dependents, reflecting the capital’s higher living costs and lifestyle patterns.

In contrast, first-time buyers in Northern Ireland – 80% of local mortgage customers – had the lowest average income (£29,900) and bought the UK’s most affordable homes (£177,500), often with the help of sizeable deposits (£28,000) despite saving less per month (£390).

In Wales, buyers were the youngest (33 on average), saved the most monthly (£740), and were most likely to have dependents (37%), pointing to more family-oriented aspirations. Scottish buyers typically earned more (£37,200), bought at lower price points (£196,500), and showed the highest levels of financial independence, with 58% purchasing alone.

NO ’ONE-SIZE-FITS-ALL’

“The first-time buyer market is certainly multifaceted in nature, and our research only goes to underscore that,” said Rachel Geddes, Strategic Lender Relationship Director, Mortgage Advice Bureau.

“Just as there is no such thing as a typical first-time buyer, there’s also no ‘one-size-fits-all’ when it comes to finding the right mortgage.

“However, there’s always more we can be doing, as universal challenges like affordability, regional differences in property prices, and the cost-of-living will always remain. The average age of a first-time buyer at 34 is much too high, and is a blatant call to action for our industry to step up and do more.”

BRIGHT FUTURE

And she added: “Understanding these trends is crucial for the policymakers, lenders, and service providers who are looking to support this crucial segment of the UK housing market.

“That being said, the future’s looking bright. Demand remains high, and with an increasing number of lenders enhancing their affordability criteria and offering innovative borrowing solutions, there’s never been a better time for aspiring buyers to get on the property ladder.

“With a wealth of opportunities at their fingertips, this is where the expertise of a broker comes into its own, helping customers get mortgage ready with a deal that aligns with their financial and personal goals.”