"However, for first-time buyers that have used a scheme or afforded a mortgage through savings, the average cost of moving house has risen from £11,777 in 2021 to £14,207 in 2022."
Although the average age of a first-time buyer (FTB) has stayed roughly the same, at 31 years-old compared to 30 in 2012/13, the number of adults in the UK that bought a home after living with their parents totalled to 98k in 2021/22, compared to only 63k in 2012/13. This suggests that young adults are living with their parents for longer.
As for house prices, the latest average for a FTB is £239,589 as of June 2023. This is an annual increase of 1.5% which is nearly £100k less than was spent by previous home owners.
Sadlers, specialist cardboard box supplier, has said that young people prefer to save their money rather than rent a property. But this doesn’t mean they have it easy. Despite the Government’s ‘Help to Buy’ scheme ending on the 31st March this year, interest in alternative FTB options is rising with search interest in ‘first time buyer programs’ increasing by 80% and ‘shared ownership’ surging by 160% in the last twelve months. Meanwhile, ‘first homes scheme near me’ has become a new breakout trend on Google.
The ’First Home Scheme’ gives FTBs in England a 30-50% discount on newly built homes, compared to market value. Since its establishment, Prime Minister Rishi Sunak has pledged to meet his manifesto and build 1m new homes during his time in parliament, which will make more homes available for this scheme in the years to come.
However, for FTBs that have used a scheme or afforded a mortgage through savings, the average cost of moving house has risen from £11,777 in 2021 to £14,207 in 2022. While costs such as conveyancing and house surveys are likely unavoidable, FTBs could reduce removal costs which currently stand at £649.