Why Buying Your First Home Looks Very Different Today ⏰

For many first-time buyers, getting onto the property ladder can feel more difficult than ever before. Conversations with parents and grandparents often include stories of buying a first home in their early twenties, securing a mortgage on a single income and purchasing a property for just a few times their annual salary. Fast forward to today and the reality looks very different.

With rising house prices, higher deposits, stricter lending criteria and increasing rental costs, first-time buyers across the UK are facing challenges that previous generations simply didn’t experience in the same way. But despite the hurdles, owning a first home is still achievable and understanding the market is the first step.

How Have House Prices Changed Over Time?📈

One of the biggest differences between generations is the relationship between income and house prices.

In the 1970s, the average UK home cost around £4,000–£5,000, while the average salary sat at approximately £1,500 per year. Homes typically cost around three to four times the average annual income.

Today, the average UK property price is closer to £285,000, while average salaries are around £35,000. In many areas, particularly across the Midlands and South of England, homes can cost eight to ten times the average income.

While wages have increased over time, property prices have risen at a much faster pace, making saving for a deposit significantly harder.

The Average Age of First-Time Buyers Has Increased⏰

A generation ago, buying a first home in your early twenties was relatively common. Today, many buyers are purchasing much later in life.

Recent studies suggest the average first-time buyer in the UK is now in their early-to-mid thirties. Many buyers spend years saving for a deposit while balancing rising rent, bills and everyday living costs.

This shift has also led to more buyers relying on family support, gifted deposits or purchasing with partners later in life.

Why Is It So Much Harder for First-Time Buyers?💪🏼

There isn’t one single reason – it’s a combination of factors.

Rising Rental Costs

Many first-time buyers are stuck in a cycle where high monthly rent payments make it difficult to save for a deposit. In some cases, buyers are already paying more in rent than a potential mortgage payment would cost.

Larger Deposit Requirements

Although some mortgage products allow buyers to purchase with a 5% deposit, saving even that amount can take years when property prices are high.

For example:

• A 5% deposit on a £300,000 property is £15,000
• A 10% deposit is £30,000

That’s before solicitor fees, surveys, moving costs and furnishing a home.

Mortgage Affordability Checks

Lenders are far stricter today than they were decades ago. Buyers must now pass detailed affordability assessments, stress testing and credit checks before securing a mortgage offer.

Lifestyle and Cost of Living Changes

Modern buyers are also dealing with rising energy costs, childcare costs, student loans and increased general living expenses, all of which impact affordability.

Is It Impossible for First-Time Buyers?🏡

Absolutely not.

While the market is challenging, there are still many buyers successfully purchasing their first homes every year. The key is often understanding the options available and planning early.

There are also positives for first-time buyers today:

• More mortgage products designed specifically for first-time buyers
• Longer mortgage terms helping improve affordability
• Government schemes and incentives available at times
• Access to online tools, mortgage brokers and market information
• Opportunities in different locations and property types

Many buyers are also adjusting expectations slightly – perhaps starting with a smaller property, considering different locations or looking at homes with potential to improve over time.

Advice for First-Time Buyers in 2026🗣️

If you’re hoping to buy your first home, here are a few simple starting points:

Check Your Credit Score

A healthy credit file can make a significant difference when applying for a mortgage.

Speak to a Mortgage Broker Early

Even before viewing properties, understanding your borrowing position can help you plan realistically.

Save Beyond the Deposit

Remember to budget for legal fees, surveys, moving costs and initial repairs or furnishings.

Register with Local Estate Agents

Many buyers miss opportunities simply because they aren’t registered early enough. Some homes are sold before they even reach the property portals.

Keep Perspective

It’s easy to compare your journey to previous generations, but the market today is entirely different. Buying a first home may take longer than it once did, but for many buyers, it is still possible with the right preparation and support.

There’s no denying that buying a first home has become more challenging over the years. House prices have increased dramatically compared to wages, deposits are harder to save and buyers are purchasing later in life than ever before.

But despite the challenges, first-time buyers remain a hugely important part of the property market — and with careful planning, realistic expectations and the right advice, taking that first step onto the ladder is still achievable.

At Edwards & Gray Estate Agents, we regularly help first-time buyers navigate the process, understand the market and find homes that suit both their lifestyle and budget. Whether you’re just starting to think about buying or already arranging a mortgage, our team is always happy to help.