Home buyers in the UK trying to get on to the property ladder are younger than they were five years ago, according to statistics released by Clydesdale and Yorkshire Banks.
Majority of Clydesdale and Yorkshire Banks’ mortgage applicants over the past 12 months were in the age group of 36-40 years, while most requests in 2012-13 were from buyers in the age group of 41-45 years.
This clearly establishes the fact that the number of prospective home buyers is on the rise in the UK. Employment growth, stable income, and mortgage availability are enabling people to secure a home at an early age now. With property prices growing consistently in the UK, home buyers are keen on acquiring their residential asset at the earliest.
The banks said that in the last year alone, they have been dealing with one mortgage application every 15 minutes. The age group of the first-time buyers is also reducing in the process. While third (30 per cent) of the first-time buyer applicants were aged 26 to 30 years old, over a fifth (22 per cent) were aged 21 to 25 years.
The UK banks are also targeting first-time buyers by evolving specific mortgage products, which are encouraging them to get on to the property ladder.
Caroline Graham, Clydesdale and Yorkshire Banks’ Head of Mortgages, thinks the change in trends is down to both the rise in rent and the low interest rate environment. She said: “The financial issues with renting have been well documented and so people are being urged to save for a deposit in order get onto the property ladder as early as possible."