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According to a recent report, the average age of first-time homebuyers has increased to 35.
The average is much higher than in the 1960s, according to the Post Office Mortgages report, when prospective property owners were 23 years old. In addition, women who don't own properties are more optimistic about buying a home than men without residences to their name, as the average age a first-time female buyer expects to own a home is 34, compared to 37 for males.
Of the would-be buyers responding to the company's survey, 53 percent between ages of 25 and 34 do not think they will be able to afford a property. In addition, 50 percent of this age bracket claimed they could not afford the deposit for a home unless financial circumstances change.
"Many would-be first-time buyers may have been put off trying to get onto the housing ladder by the size of deposits now needed," said one industry expert. "And some may be deterred by their perception of high mortgage repayments. But there are very competitive options available for people who are keen to own their first home."
The nation's low interest rate for mortgages may be enticing more younger buyers to the market as well. Freddie Mac's most recent Primary Mortgage Market Survey revealed the average interest rate for a 30-year fixed loan to be 4.15 percent, which is the lowest average in 50 years.
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