The research, which showed that the average first-time buyer age is 32, found that first-time buyer affordability is still a challenge in many areas of the UK.
Five of the top 10 most affordable places to get on the housing ladder are in Scotland, with one in Wales and the rest in various parts of the North of England. They include Kingston upon Hull in Yorkshire and the Humber, Merthyr Tydfil in Wales and Hyndburn in the North West.
Amanda Bryden, head of mortgages at Lloyds, said: “Our research shows there are still genuine pockets of value for first‑time buyers, particularly for those with an open mind who are willing to be flexible on location and property type.
“With ongoing cost-of-living pressures and wider economic uncertainty, it’s completely understandable that some people are feeling cautious. But there are opportunities out there.”
The news follows figures from Tembo today showing that first-time buyers can save £64,000 on average over five years by buying rather than renting, with another Scottish area – Glasgow – ranked as most affordable for buyers.
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First-time buyer age is stagnant
The average age of a first-time buyer is still 32, the same as last year, Lloyds said. It has risen by two years in the last decade, however.
In some parts of the country, buyers are getting on the ladder much earlier. In the 10 areas with the youngest first-time buyers, the average age falls to as low as 27 – highlighting pockets of affordability that are proving particularly attractive to Gen Z, Lloyds said.
The Ribble Valley in the North West has the youngest first-time buyers, at age 27, with South Staffordshire in the West Midlands and Pendle in the North also having an average first-time buyer age of under 28.
Lloyds recently launched a £5,000 deposit mortgage – the latest in a slew of lenders to offer new options for buyers with small deposits. This is available on homes up to £300,000 and aimed at helping first-time buyers who may otherwise struggle to raise funds without financial support from family.
