According to a new study, the UK is one of the world’s toughest countries for first-time buyers.
In fact, the UK places sixth on a list of 10 countries where it’s most difficult to get on the property ladder. The only countries where it’s even harder to become a homeowner are Switzerland, China, Japan, France and Kenya.
The global property study by Money.co.uk found that the average age of a first-time buyer in the UK is now 34 years old. That’s a full six years older than it was in 2007.
Still, it’s comparable with Ireland, where the average first-time buyer is also 34, and the US, where the average first-time buyer is 33. In New Zealand, it’s 35, whereas in Australia it’s 36.
Iceland and Belgium are the countries with the youngest first-time buyers. The average age to become a homeowner in these countries is just 27 years old.
However, the situation in the UK is much better than in Switzerland, where the average age of a first-time buyer is 48 years old. The central European country is known for its high salaries, but property prices are sky-high too. The average two-bed property there costs £501,000, which is nearly double the £254,000 that the average two-bed property in the UK costs.
Check out the average age of first-time buyers across the world in the table below.
It’s no secret that getting on the property ladder is much harder in some parts of the UK than others. Another recent study found that Liverpool is the city where it’s easiest to save the standard 10% deposit you’ll need to secure a mortgage – followed by Stoke-on-Trent and Kingston upon Hull.
At the other end of the spectrum, the cities where it’s most difficult to get on the property ladder are (surprise surprise) London, Oxford and Cambridge.
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