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First Time Buyers

Answer

I refer the Noble Lord to the English Housing Survey, available on GOV.UK (here), which shows that the average (mean) age of first-time buyers in England was 34 in 2024-25.

This government recognises that the affordability challenges facing prospective first-time buyers mean that too many people are now locked out of homeownership. In addition to increasing the supply of homes of all tenures, the government is supporting people into home ownership, including through the shared ownership scheme and the Lifetime ISA, and is consulting on a new first-time buyer ISA product.

First time buyers also benefit from paying no Stamp Duty Land Tax (SDLT) up to £300,000 and are able to claim relief on purchases up to £500,000. The government has also introduced a new, permanent Mortgage Guarantee Scheme, available to support and sustain availability of low deposit mortgage products for prospective buyers.

Additionally, the Bank of England has been easing the loan-to-income limit, enabling up to 36,000 additional first-time buyers in the first year. The Financial Conduct Authority’s (FCA) ongoing review of the mortgage market means many buyers can now borrow 10% more towards a property purchase.

Secondary information

Type

Written question

Reference

HL2364

Session

2026-27

Attachment

Housing history and future housing

Subjects

Age First time buyers Young people

Contains statistics

Yes

Link

View this Written question on www.parliament.uk