The average age of a first-time buyer in England has risen from 32 just before the pandemic to 34 now, official statistics show.

This two-year increase in the mean age of first-time buyers occurred between the 2019/20 and 2024/25, the latest English Housing Survey reveals.

In London, the average age of first-time buyers is even higher at 35.

Home ownership levels have remained stable over the same timeframe at 65%.

In 2024/25, 29% of people had a mortgage, 36% owned outright, 19% rented privately and 16% rented in the social sector.

The average weekly mortgage payment in England was £242 and £375 in London.

The average weekly private rent was £250 for England and £393 in the capital.

Those with a mortgage spent 19% of their household income on mortgage payments, whereas private rent payments, with housing support excluded, were 39% of income.

Only 58% of private renters ever expect to buy, the survey found.

Hargreaves Lansdown head of personal finance Sarah Coles says: “The combination of over-stretched renters and higher house prices means the average age of a first-time buyer has hit 34. 

“It’s hardly surprising it takes so long to save up when you consider that the average deposit was £36,500.

“It means the door is closing on all sorts of would-be buyers. 

“It’s far more difficult to buy alone: only 29% of first-time buyers were one-person households. 

“It also means you need to be a higher earner. 

“People with mortgages are concentrated in the two fifths of people with the biggest incomes.”

She adds: “It means people are making compromises with real consequences. They’re having to pay the mortgage for longer, so of those first-time buyers who had a mortgage, almost two thirds (62%) had a repayment period of 30 years. 

“They’re also having to buy with a deposit that makes up a smaller percentage of the property value. 

“Over half of first-time buyers (59%) paid a deposit of less than 20%, and 16% paid less than 10%. 

“Unfortunately, borrowing more means facing higher mortgage payments. “Meanwhile, owning a smaller stake in the property means that if we face a period of falling prices, more new buyers may risk falling into negative equity.”