Parkwell Posted June 9, 2016 Author Share Posted June 9, 2016 (edited) a. In London what is the percentage of people that have purchased their first property in that age range? b. from the percentage that have bought how many have bought in sole names, how many in joint names? c. what deposit did the put down? d. where did they get the deposit from? I'd like to know too. Stat hungry. One thing I found interesting is the average FTB age of 31. When in 1990 it was 33 years old. This is where simple averages can be awkward. The breakdown shows a clear drift away from younger buyers. Edit - stats for UK (not just London) Plus I'm fairly sure FTBs in 1990 weren't getting £5billion from Mum and Dad. Or Help to Buy from govt. Note - as far as I'm aware these stats exclude cash buyers. Edited June 9, 2016 by Parkwell Quote Link to comment Share on other sites More sharing options...
Parkwell Posted June 9, 2016 Author Share Posted June 9, 2016 The median household income in London is about 40k. Half earn less, half earn more. Nationwide the median is about 30k. Earn over 100k and you are in the top 2% nationwide. The average Londoner has savings (estimated) of about 8k. I'd expect the median to be lower. Worth noting - The average recorded income of FTB borrowers in London during Q1 2016 was £84,000. I'd love to see a breakdown of joint versus single salary, to get a better idea of who these FTBs are. Quote Link to comment Share on other sites More sharing options...
Flopsy Posted June 9, 2016 Share Posted June 9, 2016 (edited) I guess we have no way of knowing how many "FTB'ers" are being bankrolled by their parents or even potentially how many that would be? I've not been to look at a house for months but back when I did the "average FTB" was either an older couple (i.e. 30's) who were still renting or someone young with their father in tow. Our old rented house was bought by someone with parents backing. Edited June 9, 2016 by Flopsy Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted June 10, 2016 Share Posted June 10, 2016 Knee pain. Grey hairs. That's the average FTB now. Quote Link to comment Share on other sites More sharing options...
FTB_southeast Posted June 10, 2016 Share Posted June 10, 2016 I am a single FTB in the SE looking to buy a 2 bed in and around Bromley/beckenham. I have been looking for 12 months+ and struggling with a salary of just under 60k and a deposit of 90k. My max is 350k and anything half decent near a station is going above that. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted June 11, 2016 Share Posted June 11, 2016 How much student debt does the average FTB have? Quote Link to comment Share on other sites More sharing options...
Tempus Posted June 13, 2016 Share Posted June 13, 2016 Here's a good graph, found on Twitter, ONS data. Average London first time buyer now earns £85k and has a deposit of £123k. Quote Link to comment Share on other sites More sharing options...
thewig Posted June 13, 2016 Share Posted June 13, 2016 That graph is funking brutal. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted June 13, 2016 Share Posted June 13, 2016 That graph is funking brutal. Tell people that you could buy an average house in London for £60-odd k in 1997 and they'll look at you funny. 'You mean a 1-bed flat, right?' 'No, an average house in an average area with 3 bedrooms and a roof and a garden and everything.' Quote Link to comment Share on other sites More sharing options...
Guest Posted June 14, 2016 Share Posted June 14, 2016 There's a difference between the average salary/savings of an actual FTB (i.e. someone who buys their first property).... and the same figures for all the prospective FTBs who are priced out. Quote Link to comment Share on other sites More sharing options...
thewig Posted June 14, 2016 Share Posted June 14, 2016 There's a difference between the average salary/savings of an actual FTB (i.e. someone who buys their first property).... and the same figures for all the prospective FTBs who are priced out. Big time. Average FTB age also going up by about 1 year every year. ie there are NO FTBS AT THESE INSANE LEVELS!!! Quote Link to comment Share on other sites More sharing options...
crashycrashy Posted June 14, 2016 Share Posted June 14, 2016 Here's a good graph, found on Twitter, ONS data. Average London first time buyer now earns £85k and has a deposit of £123k. Amusing. I am exactly this: £84k salary, and if i was buying today (zone 2), I'd be putting down about £150k of my own money as a deposit I'm not buying though, because there's no way this insanity can continue. The supply of FTBs must be on its last legs Quote Link to comment Share on other sites More sharing options...
thewig Posted June 14, 2016 Share Posted June 14, 2016 Amusing. I am exactly this: £84k salary, and if i was buying today (zone 2), I'd be putting down about £150k of my own money as a deposit I'm not buying though, because there's no way this insanity can continue. The supply of FTBs must be on its last legs Welcome! Nice username #megabubble #crashycrashy #longwaydown Quote Link to comment Share on other sites More sharing options...
Highway to Hell Posted June 14, 2016 Share Posted June 14, 2016 I think the elephant in the room is that when people think of a FTB, they have a mental image of a 20-something individual, or maybe a couple, buying their first kettle, sofa...that sort of thing. What they don't have in their mind, is someone from (to put it delicately) from countries that don't rank so well in corruption indices, wandering new-build developments with brochures tucked under arm, buying multiple properties with an air of being utterly bored by the whole process. Technically they are UK FTBers. Btw I've seen this many times (as I'm sure anyone who live in or near areas where there are a lot of residential towers recently or currently being built. There is also the lower-end of the price range equivalent like the ramping piece the BBC did the other day where people were queing overnight to buy over-priced slums in Slough (the "news" element of this promotional piece was that there was a guarantee in the event of a Brexit result). I'll try to find it if I can. I'll be a good example of one of those pieces where people look back in the future and think "WTF!?" Quote Link to comment Share on other sites More sharing options...
Pablo Posted June 14, 2016 Share Posted June 14, 2016 (edited) London was £84k salary buying a £414k property with a £123k(!) deposit and £291k mortgage in Q1 from the ONS data Parkwell posted There certainly aren't many people in London with those numbers behind them. Edited June 14, 2016 by ItalianV6 Quote Link to comment Share on other sites More sharing options...
LC1 Posted June 14, 2016 Share Posted June 14, 2016 There's a difference between the average salary/savings of an actual FTB (i.e. someone who buys their first property).... and the same figures for all the prospective FTBs who are priced out. I think the elephant in the room is that when people think of a FTB, they have a mental image of a 20-something individual, or maybe a couple, buying their first kettle, sofa...that sort of thing. What they don't have in their mind, is someone from (to put it delicately) from countries that don't rank so well in corruption indices, wandering new-build developments with brochures tucked under arm, buying multiple properties with an air of being utterly bored by the whole process. Technically they are UK FTBers. Very good points! I tried explaining this to a relative recently, about how there are no FTBs left (as we traditionally conceived of them), but they didn't quite get it. Tried to tell me that things have always been hard for FTBs.... I gave up. Quote Link to comment Share on other sites More sharing options...
thewig Posted June 14, 2016 Share Posted June 14, 2016 Very good points! I tried explaining this to a relative recently, about how there are no FTBs left (as we traditionally conceived of them), but they didn't quite get it. Tried to tell me that things have always been hard for FTBs.... I gave up. Let me guess, was this relative over 55? Quote Link to comment Share on other sites More sharing options...
LC1 Posted June 14, 2016 Share Posted June 14, 2016 Let me guess, was this relative over 55? I am impressed by your formidable powers of deduction It was normal for FTBs of yesteryear to go without carpets or furniture for a time, apparently. All about sacrifices, you see. Quote Link to comment Share on other sites More sharing options...
Parkwell Posted June 14, 2016 Author Share Posted June 14, 2016 There's a difference between the average salary/savings of an actual FTB (i.e. someone who buys their first property).... and the same figures for all the prospective FTBs who are priced out. Exactly. From what I can see the average actual FTB is increasingly older and wealthier than the average prospective FTB as compared to 20 years ago. I also suspect FTBs more often use a second salary for the mortgage than historically. The supply of FTBs must be on its last legs Being replaced by BTL? Where can I find good stats regarding the growth of BTL mortgages over the longterm? Quote Link to comment Share on other sites More sharing options...
Parkwell Posted June 14, 2016 Author Share Posted June 14, 2016 (edited) It was normal for FTBs of yesteryear to go without carpets or furniture for a time, apparently. All about sacrifices, you see. So much easier for renters these days. Living it large. Edit to clarify: Renters = been there, done that. Unfurnished lets are the norm round here. http://www.rightmove.co.uk/property-for-sale/property-52790614.html Edited June 14, 2016 by Parkwell Quote Link to comment Share on other sites More sharing options...
Granit Posted June 14, 2016 Share Posted June 14, 2016 BoE MLAR tables are detailed but only go back to 07 Quote Link to comment Share on other sites More sharing options...
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