Why First Time Buyers Are Now Waiting Six Years to Purchase Their First Home

The Big Picture

First‑time buyers today are taking around six years to save for their first home — and this longer wait is changing how they buy.  Instead of rushing onto the ladder, many are holding out for a property that fits their future lifestyle, not just their immediate needs.

This marks a clear shift:
Your first home is no longer just a starter home — it’s a long‑term decision.

What’s Driving the Change?

1.  Buyers want more space

• 45% say their top motivation is gaining more internal or external space.
• This is especially true for those planning families or wanting room to grow.

2.  Running costs matter more than ever

• 43% prioritise energy efficiency and lower monthly bills.
• With rising living costs, buyers are thinking long‑term affordability, not just mortgage payments.

3.  Location and lifestyle are key

• 38% want to live centrally with access to amenities, transport, and work.
• 29% prioritise school catchments or specific communities.

4.  Adding value is appealing

• 35% are open to a fixer‑upper if it means customising the home and increasing value over time.

Flat vs ???? House: What Buyers Expect to Purchase

There’s now a near‑even split:

• 50% expect to buy a flat
• 48% expect to buy a house

Flat buyers tend to prioritise:

• Location, connectivity, and community
• Urban living and convenience
• New builds (22%) or existing flats (18%)

House buyers tend to prioritise:

• Space for a growing family
• Long‑term stability
• New builds (23%) or existing homes (23%)

What This Means for First‑Time Buyers

1.  It’s normal to take longer to buy

Saving for six years is now typical — and buyers are using that time to be more selective.

2.  Your first home may need to work harder for you

With many expecting to stay longer, buyers are choosing homes that support:

• Family plans
• Hybrid working
• Lower running costs
• Community and lifestyle needs

3.  You may have more options than you think

Many buyers are still unaware of:

• Government schemes
• Lender‑specific products
• Affordability tools
• Deposit‑boosting options

These could help shorten the wait or widen your property choices.

Our View

Saving for a deposit remains a major hurdle, many buyers don’t realise what support is already available.  Exploring mortgage options early can help buyers understand what’s achievable sooner than expected. 

This is why we partially agree with proposals for mandatory mortgage advice or guidance for first time buyers proposed earlier this week:

See Mandatory Mortgage Advice