The comparison site analysed Government data on first-time buyer trends compared to three decades ago.
Although the average age of first-time home buyers is the same as 34 years ago, the figures suggest it’s not as easy for under-25s to invest in a home as it was back then.
The proportion of first-time buyers under the age of 25 has decreased by 18.1% over the period, while it has increased by 9.5% in 35-44-year-olds.
The research also found that the average age for all mortgage borrowers is now 36, which has increased by two years since 1990.
The insurance comparison site also noted that the UK prefers older houses, with 64% saying an older build would be their dream home if cost were not an issue.
The cost of home cover
GoCompare’s study revealed the average cost for home insurance policies, showing that, unsurprisingly, older properties are more expensive to insure than new builds.
The average annual cost for all insurance policies combined is £185 for an older build, £39 more than for a new build. When looking at different insurance policies individually, buildings-only cover is revealed to have the biggest price difference, with it costing £62 more on average for old buildings, at £159 compared to £97.
Ceri McMillan, home insurance expert at GoCompare, said: “The data clearly shows that older properties cost more insurance-wise, even though they’re the UK’s preference for a home. However, there are many ways to get the cost of insurance down, such as looking after and updating your home, or combining buildings and contents insurance to get a discount.
“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.”
Related: Average first-time buyer mortgage term rises to 32 years
