How Do First-Time Buyers In Medway Compare With The Rest Of The World?

Posted on: 13 May 2024

How Do First-Time Buyers in Medway Compare with the Rest of the World?

Getting on the housing ladder in the UK is no easy feat, with property prices and inflation meaning it can take first-time buyers (FTBs) years to save the deposit for their first home.

 

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

 

The land of luxury watches, decadent chocolates and yodelling has another claim to fame: its FTBs are the oldest in the world.

 

Property is expensive in Switzerland, with the average house costing 1.2 million francs*** (equivalent to just over a million pounds). As a result, the average age for a Swiss FTB is 48.

 

High property prices and the legal requirement for a 20% deposit mean many people rent. Only 36% of the Swiss population owns their home, compared to 65% in the UK.

 

The rest of Europe

 

Belgium has the youngest FTBs in Europe (average age 27), followed by France and Austria (31), Germany (34), Romania (36) and Spain (41).

 

Interestingly, as in Switzerland, many Germans never buy a home. Less than half of the population are owner-occupiers, a statistic attributed to high transaction taxes, positive attitudes towards renting and a strong social housing sector.

 

Australia and New Zealand

 

Aussies tend to be obsessed with real estate, especially in Melbourne, Perth and Sydney, where property prices (which have boomed over the past decade) are a popular topic of conversation.

 

First-timers get on the ladder around the age of 36, often helped along by the generosity of the Bank of Mum and Dad. The average age for their Kiwi neighbours to buy their first home is 35.

 

Africa and North America

 

The average age of FTBs in South Africa and Kenya is 35, and in Nigeria, it’s 40. Looking across the pond, in the US, the average age of newcomers to the property market is 33, while in Canada, it’s 36.

 

Looking to turn your dream of buying your first home into a reality? Get in touch.

 

We’re here to help – contact us today.

 

 

*Source: Coventry Building Society

**Source: Money.co.uk

***Source: Rigby AG.

Share:


Recent Articles

7 July 2025

Should Mortgage Rules Be More Flexible To Help First-Time Buyers And The Self-Employed?

The financial watchdog is asking whether mortgage rules should be more flexible to help older buyers, the self-employed and reliable renters get on the property ladder. UK society has changed dramatically over the past decade. There have been huge shifts in the way Brits live and work...

30 June 2025

How To Revive A Stale Listing: Tips For Medway Sellers

Is your home taking longer to sell than you'd like? It's possible that your listing has gone stale. Here are some ideas for reviving a stale property listing.   Give your home a lift   Chances are that when you first listed your property you kept everything spick...

23 June 2025

Important News About Energy Performance Certificates

New rules on preparing Energy Performance Certificates, or EPCs, have just come into operation. Here's what you need to know about EPCs going forward.   What is an EPC?   An EPC is an Energy Performance Certificate.   EPCs show you how energy efficient...

Get an instant online valuation

Find out how much your property is worth