First-Time Buyers: Facts and Figures from around the World
Climbing the property ladder in the UK is no small task, with soaring house prices and inflation making it a long-term endeavour for first-time buyers (FTBs) to save enough for a down payment.
As a result, the average age of an FTB in this country has risen to 34*. For context, it was 29 in 1981.
So, how does this compare to other countries? Are FTBs in Spain, South Africa or Switzerland older or younger**? Let’s take a look.
Switzerland
Known for luxury watches, exquisite chocolates, and yodeling, Switzerland also has the oldest FTBs globally.
Housing in Switzerland is costly, with the average home priced at 1.2 million francs*** (a little over a million pounds). Thus, the typical age for a Swiss FTB is 48.
The steep property prices and the 20% deposit requirement mean many opt to rent. Only 36% of Swiss citizens own their homes, compared to 65% in the UK.
The Rest of Europe
Belgium boasts the youngest FTBs in Europe (average age 27), followed by France and Austria (31), Germany (34), Romania (36), and Spain (41).
Interestingly, like in Switzerland, many Germans never purchase homes. Less than half the population owns their homes, a fact linked to high transaction taxes, a cultural preference for renting, and a robust social housing system.
Australia and New Zealand
Australians are famously property-obsessed, especially in cities like Melbourne, Perth, and Sydney, where skyrocketing house prices are a frequent topic of discussion.
First-time buyers typically enter the market around age 36, often with financial help from their parents. In New Zealand, the average age for FTBs is 35.
Africa and North America
The average age for FTBs in South Africa and Kenya is 35, while in Nigeria, it’s 40. In the US, first-time buyers usually enter the market at age 33, and in Canada, at 36.
*Source: Coventry Building Society
**Source: Money.co.uk
***Source: Rigby AG.
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