According to TSB’s quarterly mortgage report, which surveyed around 1,000 first-time buyers who had bought in the last five years, those aged 18-34 reported £24,400 of reductions on average.
Those aged 35-44 saved around £22,377, falling to £21,605 for first-time buyers aged 45-54 and £22,930 for those over 55.
Only 9% of first-time buyers were unable to negotiate a reduction.
A third of recent first-time buyers said they would negotiate harder on the price, 31% said they would widen their search and 29% said they would set a clear budget.
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FTB deposit sizes fall and average age stays flat at 31
The average deposit size, the report found, contracted from 23% in Q4 2024 to around 18% in Q4 2025, equal to a drop of around £40,000.
The regions that saw the biggest falls were East Anglia, which fell from 26% to 16%, followed by the North West going from 20% to 14% and London decreasing by five percentage points to 24%.
The average age of a first-time buyer came to 31, which is in line with the prior year. The oldest first-time buyer age is in London at 34, followed by the South East at 32 and the South West and East Anglia at 32 each.
The North East, Scotland, West Midlands, Wales and Yorkshire and the Humber were at the other end of the spectrum at 30.
Mortgage terms stayed flat at 31 years, but London and the South East fell by two years to 30 and 31 years respectively. Scotland had the lowest term at 29 years.
FTB house buying process takes five months
The typical house buying process, from viewing to moving in, took around five months on average, but 5% took a year and 2% took between a year and two years to move in.
Around 68% of first-time buyers said they made an offer on the property they eventually bought within a week, while 14% said they made an offer on the same day.
Looking at the house buying process, first-time buyers said they usually viewed four properties before making an offer, with over-55s viewing five on average.
Only 1% of first-time buyers viewed over 10 properties before making an offer.
Looking ahead to the year, over two-fifths of first-time buyers said cost-of-living concerns most concerned them, followed by the base rate level at 32% and house price falls at 27%.
Craig Calder, director of secured lending at TSB, said: “Most first-time buyers are successfully lowering a property’s purchase price through negotiations that can lead to notable reductions to the asking price, in some cases.
“It’s vital that house buyers build time into the process for enough viewings, alongside effective budgeting and negotiation. The right deal for the right home can be game-changing for your financial future and wellbeing.”
