Securing a first home in one’s twenties often feels like an impossible feat for many young Britons, but new analysis from a prominent mortgage lender reveals a different reality in certain corners of the UK.
In some areas, the average first-time buyer age stands as young as 27 – a full five years below the national average of 32, according to findings by Lloyds.
The Ribble Valley in Lancashire, nestled amidst the picturesque countryside of England’s north west, emerged as the location with the youngest typical first-time buyer age in Lloyds’ study.
This charming region, home to quaint villages and the vibrant market town of Clitheroe, offers a more accessible path to homeownership.
Other locations where the average first-time buyer age hovers just above 27 include the neighbouring area of Pendle and South Staffordshire in the West Midlands.
Moving east, north Norfolk and mid-Suffolk also present opportunities, with the average age for new homeowners at approximately 28, bringing the dream of property ownership within reach for some members of Gen Z.
As well as the youngest typical first-time buyers, Lloyds also looked at the least expensive locations in the UK for people getting on the property ladder, to highlight areas where buying may be more achievable.
East Ayrshire in Scotland was identified as the least expensive location, looking at the average price paid by people buying their first home.
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The average first-time buyer price in East Ayrshire is £147,353, Lloyds said, adding that the area is well connected to Scotland’s central belt, with routes into Glasgow and nearby employment hubs.
That may help buyers to balance countryside living with a manageable commute.
“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,” Amanda Bryden, head of mortgages at Lloyds, said.
“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, and for many buyers, that flexibility can make a real difference.”
The research is based on Lloyds Banking Group’s housing statistics database, drawing on mortgage approval data from customers of Lloyds Bank, Halifax and Bank of Scotland. Average house prices were calculated covering the 12 months to February.
Giving general tips to first-time buyers, Ms Bryden suggested that they do their research on the home-buying process, speak to a mortgage professional early on and consider the different types of support available.
Last week, Lloyds announced it is launching a new mortgage that could help first-time buyers get on the property ladder with a deposit as low as £5,000.
Here are the top 10 areas with the youngest average UK first-time buyer ages, with the average age and the average price for a first-time buyer home, according to Lloyds:
1. Ribble Valley, North West, 27.0, £219,980
2. South Staffordshire, West Midlands, 27.8, £259,678
3. Pendle, North West, 27.9, £188,136
4. Rutland, East Midlands, 28.1, £281,130
5. Cannock Chase, West Midlands, 28.3, £213,399
6. North Norfolk, Eastern England, 28.4, £242,318
7. Staffordshire Moorlands, West Midlands, 28.5, £219,616
=8. Chorley, North West, 28.7, £221,232
=8. Mid Suffolk, Eastern England, 28.7, £289,372
10. Westmorland and Furness, North West, 28.8, £212,848
Here are the top 10 least expensive areas for UK first-time buyers, according to Lloyds, with the average price for a first-time buyer home:
- East Ayrshire, Scotland, £147,353
- Inverclyde, Scotland, £149,929
- Blackpool, North West, £150,780
- Kingston upon Hull, Yorkshire and the Humber, £151,171
- Na h-Eileanan Siar, Scotland, £155,300
- Hyndburn, North West, £155,911
- Clackmannanshire, Scotland, £156,041
- Merthyr Tydfil, Wales, £156,498
- South Tyneside, North East, £157,551
- West Dunbartonshire, Scotland, £159,437
Here are the most affordable areas for first-time buyers in each UK region, according to Lloyds, with the average price for a first-time buyer home:
- East Midlands, Bolsover, £191,564
- East of England, Great Yarmouth, £236,447
- London, Barking and Dagenham, £363,748
- North East, South Tyneside, £157,551
- North West, Blackpool, £150,780
- Northern Ireland, Mid and East Antrim, £175,308
- Scotland, East Ayrshire, £147,353
- South East, Gosport, £228,617
- South West, Plymouth, £216,166
- Wales, Merthyr Tydfil, £156,498
- West Midlands, Stoke-on-Trent, £171,569
- Yorkshire and the Humber, Kingston upon Hull, £151,171
