First-time buyers play a pivotal role in the UK housing market and represent a key driver of demand. The average age of first-time buyers has been steadily rising over the last few decades as property has been less and less affordable in some parts of the country. However, schemes like shared ownership and Help-to- buy have helped younger people get on the ladder, putting downward pressure on average ages of first- time buyers.
So what’s the scoop in E14? I have used data from ResiAnalytics which uses affordability measures to calculate the average age of first-time buyers in the local market. The data shows that the average age of a first-time buyer here is 33.9. This is higher than the regional figure of 32, while the national average is 30.
The average price of a home in E14 is £571,000, and if you take 10% as a reasonable figure for a deposit for a first home, that means buyers need to stump up around £57,100. Add into the mix average gross earnings of residents in the area, which sit at £36,429, and you can start to see why the picture in our area looks like it does. If you’re thinking of purchasing your first property, visit my office for a friendly chat and we can discuss all the options available.
You can now get a current sales AND rental value on your E14 property. Simply visit HERE and enter your postcode and you will receive the good news within 58 seconds!