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Average age of first-time buyer is 33

The typical age of first-time home buyers is 33, surprisingly staying the same as in 1990, research by Go.Compare home insurance has revealed.

This is despite the proportion of first-time buyers under the age of 25 has decreasing by 18.1% and increasing by 9.5% in 35 to 44-year-olds – suggesting a high proportion of first-time buyers are in their late 20s and early 30s.

Ceri McMillan, home insurance expert at Go.Compare, said: “It’s interesting to see that the average age of a first-time buyer has not changed much over the years.

“But in the cost of living crisis, buying a house can be a difficult prospect, especially as the expenses don’t stop after the purchase. All the more reason to consider the different long-term costs between old and new builds, as well as the different types of insurance available.”

The average age of Brits buying a modern home is 36, compared to 37 for those buying an older property.

The UK prefers older houses, with 64% saying an older build would be their dream home if cost were not an issue.

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